Economic and Housing Market Outlook

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Economic-Housing-Outlook-Spring-2009This morning, Robert Denk, the Assistant Vice President for Forecasting and Analysis or NAHB addressed the NSMC and IRM Board of Trustees about the state of the National Housing market. This presentation, available here, details both national individual state economic factors. Some of the key findings from this report that are valuable both from a national perspective and in your individual market are:

– housing recession is beginning to show signs of recovery and stabilizing
– statistics related to growth during the boom related to income, foreclosures and unemployment nationally and in each individual state
– good chance that we are approaching price stability in most markets
– forecast looks good for most markets
– housing and production levels got way ahead of employment and population, they are beginning to get more inline with each other
– house prices, rising unemployment, inventory will be the key drivers and indicators of which markets will be best and worse in the coming 6 – 8 quarters

This is VERY good information and great news for the industry…combined with the news of the $8,000 tax credit this morning from Secretary Donovan.