Economists Agree, Housing Market Officially in Recovery
Posted October 5th, 2012 | by The Update
CNN Money: It’s been a long time coming, but economists surveyed by CNNMoney believe the nation’s housing market has finally turned the corner.
Of the 14 economists who answered questions about home prices in the survey, nine believe that prices have already turned higher or will make that turn later this year. Only three months ago, half of the economists surveyed by CNNMoney believed a turnaround in prices would not take place until 2013 or later.
Economists have been encouraged by a variety of readings, including three straight months of increases in the S&P/Case-Shiller home price index, a pick-up in sales of existing homes and home construction and a big jump in the price of new home sales.
Mortgage rates are also likely to remain near record lows thanks to the Federal Reserve’s purchase of $40 billion in mortgages a month for the foreseeable future.
“We’re seeing the signs of a pulse in a sector that has been flat-lined for a number of years,” said Sean Snaith, economics professor at the University of Central Florida.
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