Click Here

REALTORŪ Magazine Online: The real estate professional's business support tool.

OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®

Daily Real Estate News  |  October 13, 2010  |   Housing Recovery Predicted for Late 2012
In its new housing outlook report, The Concord Groupa real estate strategy firm based in Newport Beach, Calif. predicts that national home sales will recover by the fourth quarter of 2010, with some well positioned markets improving by late 2011 or early 2012.

"The Concord Group estimates sales for the next year will continue at current sluggish levels (400,000 units), with a recovery rate of approximately 640,000 units annually in the following year’s first half until the market returns to normalized absorption rates by the fourth quarter of 2012," the report says.


Richard M. Gollis, principal and co-founder of The Concord Group, is discussing his firm’s national outlook at the fall meeting of the Urban Land Institute (ULI) in Washington, D.C.

The company says these markets have the strongest long-term growth potential:

  • Orange County, Calif.
  • San Jose, Calif.
  • Seattle
  • Washington, D.C.

The company's housing demand model incorporates published employment forecasts, structural household growth, turnover, and obsolescence.

"Development of quality new housing in core employment centers is expected to be an opportunity," the company says in a statement. "Meeting the needs of baby boomers, highlighted by their transition to urban areas, should remain a focus."

Source: The Concord Group (10/12/2010)

Browse all of today's news
E-mail this page to a friend
Give us feedback

Search news
Launch my search
 
Subscribe to news
Subscribe to News
Daily and weekly real estate news, trends, NAR press releases, convention coverage, plus exclusive features and columns.

RSS Feed
Get the Daily Real Estate News delivered straight to your desktop or news aggregator. (New to RSS? Learn the basics here.)
 
 
SHARE YOUR INSIGHTS
How did you sell it?
Tell us how you overcame hurdles to sell a challenging or very unique listing!