Housing Market 2011 vs. 2012




It's incredible what can happen over a year.   I thought you might be interested to read what we were saying this time last year:

2011
"While the headwinds remain strong going into 2012, there are indications the economy and the housing market are gaining ground, albeit slowly. Sustained and increased job growth beyond the average monthly payroll gains of 130,000 so far this year ending in November are essential. In housing, look for the rental market to lead the way and for some improvement in the single-family space in parts of the country. All told, next year will be another bumpy ride." -Frank Nothaft, Freddie Mac, vice president and chief economist (http://freddiemac.mediaroom.com)

"Own a home? Brace yourself for an even longer recovery than anticipated.  A new homeowners survey released jointly by Trulia.com and RealtyTrac suggests we won’t see a housing recovery until 2014 at the earliest now."-Morgan Brennan, Forbes staff (http://www.forbes.com)

"Builders were busier than expected in November, and many are more upbeat heading into 2012. In recent years, housing was supported by temporary help from government tax rebates. Now, the sector looks as if it can stand on its own." -Kathleen Madigan (http://blogs.wsj.com)

Here's what they're saying now:

2012
"Although 2012 will be remembered as the year the housing recovery finally took off, plenty of metro areas still have strong headwinds entering into the new year. And while it's true the housing market still has a long way to go to get back to "normal," the cities among the worst markets might surprise you, especially because many of them have also seen some of the biggest year-over-year home prices increases.
A lot of it has to do with the fundamentals that drive the housing market, says Trulia Chief Economist Jed Kolko—factors such as job growth, foreclosure rates, and for-sale inventories."-Meg Handley (http://www.usnews.com)


"The housing market will improve moderately in 2013, but nobody will mistake this for a boom. The gains in activity and prices will be a welcome relief, but will leave many homeowners still underwater."-Bill Conerly (www.forbes.com)

"U.S. homes are expected to gain more than $1.3 trillion in cumulative value in 2012, the first annual gain in six years and the largest since 2005." -Yeng Bun (www.zillow.com)

Here's to 2013!

16 comments:

George J Lloyd said...

Great article!

Anonymous said...

Great article!!

doyledmg said...

They say that the US housing market showed signs of recovery in the last month, here's hoping this is indeed true

Josue Cornier said...

Better to not buy bigger than what you can afford to buy than to buy something out of price range. The House Market remains too risky for now.

Harold Gardner said...

Still seems like the old adage..."location, location, location" is even more true today. I see pockets of robust growth and recovery along with areas that still seem to be struggling. Lenders still struggling with their foreclosure portfolios also seem to cast a pall over the market. Empty homes are bad for everyone.

Chase said...

Denver's housing market is definitely picking up. I've heard of houses going after just a couple of days on the market for more than asking price in certain areas.

alex alaska p said...

"...Brace yourself for an even longer recovery than anticipated." You mean we recovered from a previous 'recovery' and are now in the midst of another recovery that is going to take longer to recover from? or? ;]

Biz Mentor said...

well written and balance article

Lisa Ladrido said...

They are trying to stay positive!! I hope 2013 is a great year all around!

Michelle G said...

Our value just dropped, which was fine with us because we're adding on and taxes around here are outrageous. And we're hoping interest rates stay low until we're finished remodeling. So, we're okay with what's going on right now!

Shauna said...

I def. agree... here is to 2013! I hate what has happened to our market over the past couple years and we NEED it to get better.. thanks for the post

MikiHope said...

OOPS--deleted the comment above because it belongs in the computer one!!
It generally takes the economy as a whole 10 years to recover--I am glad to hear that housing is on the mend!!

Not Your Ordinary Agent said...

Me too! Thanks for stopping by Lisa!

Not Your Ordinary Agent said...

That's the spirit Michelle!

Not Your Ordinary Agent said...

Yes we do! Thanks Shauna!

Not Your Ordinary Agent said...

Me too... so we only have 7 more years to go!

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Becky McNeer is RVA's REALTOR®