What Industry Analysts Are Reporting?
• According to a May 22, 2008 RealtyTimes article entitled,
“Real Estate Outlook: Worst is Over,” “The housing market
offered some immediate hints of that recovery with new
home starts up by 8.2 percent last month [April, 2008] and
building permits up by 5 percent.”
• According to a May 20, 2008 Bay Area Home Sales Report
released by real estate news source DataQuick, “Bay Area
home sales edged up from a seven-month run of record lows
last month, indicating that mortgage availability and that an
increased number of fence sitters have decided they like
today’s lower prices.”
• The news outlet went on to report, “A total of 6,310 new
and resale houses and condos sold in the nine-county Bay
Area in April. That was up 28.8 percent from 4,898 in March
and down 15.3 percent from 7,447 for April 2007.” This
month-to-month jump was the strongest for any March/April
in DataQuick’s statistics, which go back to 1988.
• One of the country’s most prestigious groups of market
forecasters, the National Association of Business Economists,
says housing and consumer credit conditions will stabilize and
begin improving as the year moves on. Equally important, said
Ellen Hughes-Cromwick, chief economist at Ford Motor and
president of the association: The entire U.S. economy will
“slowly return to health” this year.
• During NAR’s Midyear Legislative Meetings and Trade Expo
held May 15-17, 2008, NAR Chief Economist Lawrence Yun
reported that “home sales have stabilized over the last seven
months and should increase slightly in the second half of
2008.”
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