STATE OF REAL THE ESTATE MARKET
Lawrence Yun, NAR’s Chief Economist spoke on the state of housing in our region and said that he is cautiously optimistic.
The two cities that lead the downturn in the Rocky Mountain Region, Las Vegas and Denver are both showing signs of recovery. In his opinion, compared to past recessions and based on the current available inventory, interest rates and home prices, the market has already over corrected itself. The key to turning the market around now is Buyers stepping up to the plate.
According to Mr. Yun, new home starts have dropped from a high of 1.5 million to just ½ million which should also help the market stabilize.
Mr. Yun, did however, caution that it is still too early in the year and too soon after the election to predict how the market will respond to the Stimulus package and other incentives.