HOUSING MARKET IS ROBUST AND PROBABLY WILL STAY THAT WAY FOR A WHILE.
This is an excellent summary of where the housing market is right now and will probably stay for a while.
Is another bubble developing? My estimate is no, at least not yet. However the blog I posted yesterday talks about how at least one presidential candidate would try to use the federal government to increase home ownership. That is exactly the springboard that led to the recent meltdown. That produced meltdown of personal and commercial losses from which we are still recovering.
Final 2015 Housing Numbers Now In | Keeping Current Matters
Many have questioned the stability of certain sectors of the U.S. Economy, one section in particular is the housing market. Today we would like to share how the experts feel about how we ended 2015 and where they think we are headed in 2016.
How did we do in 2015?
The National Association of Realtors
“Overall, a resilient U.S. economy and very solid job growth in recent years made 2015 a great rebound year for the housing market.
Existing-home sales were at the highest pace (5.26 million) since 2006 (6.48 million) and the Pending Home Sales Index came in at an average of 108.8, the highest annual reading since…you guessed it: 2006 (111.7).”
The National Association of Home Builders
“With the December report on housing starts and permits, preliminary totals for 2015 are now available. Total housing starts at 1.11 million were up 10.8% in 2015 compared to 2014. Single-family starts were up 10.4% to 715,300. All four census regions also experienced increases in single-family starts for 2015.”
What can we expect to start 2016?
Jonathan Smoke, Realtor.com Chief Economist
“All indicators point to this spring being the busiest since 2006…
Demand for for-sale housing will grow and will continue to be dominated by older millennials, aged 25 to 34. This demographic has the potential to claim a third of home sales in 2016 and represent 2 million home purchases.”
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