« | »

The Housing Outlook Is (Isn’t) More Upbeat

From USA Today:

Housing outlook is more upbeat

By Julie Schmit, USA TODAY
January 15, 2012

Optimism is building that the housing industry is nearing a bottom — finally.

Home sales and home building are forecast to rise this year after sliding steeply the past five years in housing’s worst downturn since the Great Depression.

Recovery is expected to be slow, and home prices are widely expected to fall this year.

But the "housing outlook is more upbeat."

But investors are betting on the start of an upturn, bidding up home builder stocks and causing them to outperform the broader stock market.

Chief executives are more positive. JPMorgan Chase’s Jamie Dimon said last week that housing is near its bottom but could stay there a year

But the "housing outlook is more upbeat."

Many economists expect home prices to fall more this year because of foreclosures and other properties sold at very low prices.

As foreclosures pick up this year, "prices will drop," says Stan Humphries, Zillow chief economist. He says home prices won’t bottom until later in 2012 or next year.

But the "housing outlook is more upbeat."

On average, prices have fallen by about a third since 2006…

Housing’s outlook is brightening with signs of a better economy. Last month, U.S. employers added 200,000 jobs, and the unemployment rate fell to 8.5%, lowest in nearly three years.

Except that the unemployment rate is down because more people have given up looking for work. Not because they have jobs.

While an economic shock could derail progress, "there’s now more evidence of improvement in the economy, and housing will follow the economy," says David Crowe, chief economist at the National Association of Home Builders

Who have a stake in convincing people that now is the time to build a new house.

We believe in making lemonade out of lemons. But that shouldn’t be the business of the news media.

This article was posted by Steve on Monday, January 16th, 2012. Comments are currently closed.

3 Responses to “The Housing Outlook Is (Isn’t) More Upbeat”

  1. P. Aaron says:

    The house market will become ‘upbeat’ only when long term employment is upbeat.

  2. Mithrandir says:

    HUZZAH! The Niagara Falls of good news for Obama, just keeps pouring in! –how does that man do it?

    As I have always said, “Owning a home is NOT the American dream, it’s a nightmare.”

    ~Constant repairs
    ~Add a deck or new window? Get permission from the county first, they need to update their tax assessment in the future.
    ~Don’t shovel the snow and ice? Get ready for a slip & fall lawsuit, or at least a fine from the city.
    ~Park your car IN FRONT OF YOUR OWN HOME or DRIVEWAY, get a ticket: http://www.msnbc.msn.com/id/31390180/ns/us_news-weird_news/t/parking-your-own-driveway-heres-ticket/#.TxTN0oFcibI
    ~Not mobile. Lose your job or can’t find one? You are chained to your home, and it’s economic woes.
    ~Mad that the apartment next door opened up to section 8 housing? There goes your investment!
    ~Can’t set up a lemonade stand in front of your own home w/o the gov’t threatening a huge fine.
    ~Can’t leave your grass uncut if you go on vacation, the city will fine you.
    ~Your home is a never-ending tax source for union police/fire/teachers. At least in an apartment, you can easily escape higher rent, not so with a home.
    ~Lead paint in your home? Mold? Lead pipes? That drywall not up to fire code? Get set for more fines and expense.
    ~Can’t sell your home for what you think it’s worth? Oh well, you’re stuck with it.

    American disaster!

  3. xdannyh says:

    Only in an America “dumbed down” to the max could a journalist get away with headlining an article that goes on to say: “Recovery is expected to be slow, and home prices are widely expected to fall this year.” as “Housing outlook is more upbeat”. I almost fell off my chair. LMAO….But of course USA today gets it headlines from the democRat party. Still, there it is for all to see… Orwellian in deed…. and just as mendacious as our public servants and their insider trading.

« Front Page | To Top
« | »