Thursday, January 3, 2013

More Predictions of a Full Housing recovery

There is independent data that suggests that the housing recovery is in well underway. Veros Real Estate Solutions (VRES) is a real estate data firm and it recently announced its recent analyses of the twelve month period ending December 1, 2012 as well as its forecast for the 12-month period ending December 1, 2013. VRES indicates that “the national real estate market has hit bottom and is now in a full recovery”.Veros Real estate report The analysis and forecast factor in 975 counties, 335 metro areas, and 13,586 zip codes. The statistics are updated on a quarterly basis. Veros predicts that the nation’s top 100 metro areas can “expect 1.2 percent appreciation over the next 12 months.” Zillow recently mirrored the same conclusion as VRES. Perhaps this is a start of a Happy New Year for all of those in the real estate profession. Zillow actually went so far as to predict that home prices would increase by 3.1 percent in 2013 and reported that overall, 2012 prices would end with a 4.6 percent gain.Zillow Report The numbers were apparently based upon a survey of 105 “economists and industry experts.” The chief economist of Zillow reported that “an organic recovery in the housing market really took hold in the latter half of 2012” and predicted that the market is “well-positioned for continued growth, albeit slightly slower, in 2013 and beyond.” There certainly is a lot of optimism in the real estate industry as we enter 2013. Forecasts of recovery together with some favorable legislation and court rulings may signify a positive 2013 and beyond for a lot of us. If lending can loosen up or non-conventional funding can make some gains in 2013, this could be a really good market for the industry. I view real estate as a three-legged stool: buyers, seller and funding. It appears that we have at least two of the legs of the stool!!! Happy New Year…a healthy and Happy New year to everyone. Paddy Deighan J.D. Ph.D

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