Thursday, January 17, 2008
New housing outlook: 5 years to recover
Catherine Reagor
The Arizona Republic
Jan. 17, 2008 12:00 AM
Home prices will stop falling. New- and used-home sales will pick back up. And the subprime-lending debacle will be over but not forgotten.But it could take a few years for that to happen in metro Phoenix.
The prognosis for the housing market's recovery came Wednesday at the Urban Land Institute Arizona's Real Estate Trends conference. The real-estate think tank's annual daylong gathering is one of the state's biggest and most influential real-estate events. There, top economists, analysts, developers, brokers and investors present candid market predictions.
"The bottom of the housing market may occur in 2008 or 2009, but a full recovery will probably take three to five years," said Elliott Pollack, an Arizona economist and real-estate investor. "This slowdown ends when housing prices stabilize, and they will. Unfortunately, the worst is still ahead of us.
Because of foreclosures, metro Phoenix home prices could fall 30 to 35 percent from 2006's peak and values won't likely return to that high before 2015, said Gadi Kaufmann of the national real-estate advisory firm Robert Charles Lesser & Co.
Read more >>
The Arizona Republic
Jan. 17, 2008 12:00 AM
Home prices will stop falling. New- and used-home sales will pick back up. And the subprime-lending debacle will be over but not forgotten.But it could take a few years for that to happen in metro Phoenix.
The prognosis for the housing market's recovery came Wednesday at the Urban Land Institute Arizona's Real Estate Trends conference. The real-estate think tank's annual daylong gathering is one of the state's biggest and most influential real-estate events. There, top economists, analysts, developers, brokers and investors present candid market predictions.
"The bottom of the housing market may occur in 2008 or 2009, but a full recovery will probably take three to five years," said Elliott Pollack, an Arizona economist and real-estate investor. "This slowdown ends when housing prices stabilize, and they will. Unfortunately, the worst is still ahead of us.
Because of foreclosures, metro Phoenix home prices could fall 30 to 35 percent from 2006's peak and values won't likely return to that high before 2015, said Gadi Kaufmann of the national real-estate advisory firm Robert Charles Lesser & Co.
Read more >>
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