Here’s some good economic news directly from the mouth of David Crowe, chief economist at the National Association of Home Builders. Crowe made remarks about the economy last week in a room filled with more dozens of people representing leading manufacturers in the housing industry.
During Crowe’s presentation, he mentioned the following reasons to feel good about the housing market and the economy in general:
– The recession ended in Q3 of 2009
– Job losses are tapering off
– Q3 of 2009 showed positive employment
– Interests are remaining low
– Housing starts bottomed out in 2009
– Home prices are stabilizing
– Ratio of home price to household income is back to sustainable level
– 50% of foreclosures are in only six states (problem is largely localized)
– 70% of foreclosures are in only 11 states
– Supply of unsold homes is down to roughly seven months from a peak of roughly 12
Crowe acknowledged that banks must begin lending again for a recovery to gain traction, and that worsening employment numbers also would hurt a recovery. But overall, he said, the worst is behind us and the general economic trend is up.
Do you see upward movement in your area? Let me know. Or, scroll up to the first paragraph of this blog entry, look to the right and click where you see, “Leave a comment†or “Post or view comments.â€