Contrarians say that after five years of slumping real estate sales and prices, there are strong and diverse signs that the single-family housing market is poised for a rebound.
“It has become increasingly apparent to us that the pieces for a housing rebound next year are beginning to fall into place,” declared Barclays Capital analyst Stephen Kim in a recent note to investors, CNBC reports.
In some metropolitan areas both sales and prices are rising and foreclosures are declining, and prices overall are lower than they have been in years.
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For example, in Tampa, Fla., South Bend, Ind., Grand Rapids, Mich., Raleigh, N.C., Wichita, Kan., and Green Bay, Wis., the median sales price of an existing single family home increased 1 percent to 2 percent in the third quarter, during which time the jobless rate and/or payrolls growth also improved dramatically.
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The National Association of Home Builders is forecasting a 5.1-percent increase in new home sales and a 10-percent increase for new home starts in 2012.
Moreover, residential rents have risen to the point at which many renters can consider buying, especially given that both existing home inventory is at a five-year low and new home inventory is at a 40-year low.
Florida Realtors Chief Economist Dr. John Tuccillo told the state association’s 2012 Real Estate and Economic Forecast Conference in Orlando that Florida is in a “mini-recovery,” the Destin Log reports.
“Sales are trending up, listing inventories are falling, the supply of lender-related properties has stabilized, and we are seeing multiple offers on homes in some local markets,” Tuccillo said.
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