The Housing Market Recovery Has Officially Begun
That's how Time Magazine is describing the conclusions from a new report issued today by the Conference Board and Nielsen through their jointly-owned Demand Institute. Here are some excerpts form the report titled "The Shifting Nature of U.S. Housing Demand":
"The worst is over for the U.S. housing market. After six years of declining sales and falling prices that wiped $7 trillion from the value of housing assets, a turning point has been reached. The Demand Institute sees average prices rising by up to 1 percent in the second half of 2012 (in seasonally adjusted terms), marking the start of a housing recovery.
As the market revives, so will consumer spending: the business of building, buying, and selling homes generates enormous expenditure in a wide range of industries, including those associated with the transaction, those that produce goods and services for the home itself, and those that provide goods and services in the neighborhood around the home.
This housing recovery will be different in nature from previous recoveriesbecause it will be shaped by new market conditions and expectations. This report explains those differences and the various ways in which they impact consumer demand."
From the Time Magazine article: