New President Means Better Housing Market

Real Estate News

44% believe the new president will improve the housing market per a study by Harris Interactive.

John Tuccillo, former National Association of Realtors chief economist, is quoted as saying "Consumer confidence tends to rise whenever there is a regime change in Washington, and this should be especially true in 2009 ... For housing, however, the current downturn needs to run its course. Some markets will improve before the election, some after and some not until the end of 2009."

Other findings in the Harris study show that buying activity is going to pick up:

41% of homeowners plan to purchase again
80% of renters intend to buy in the future
47% of renters plan to buy in next 5 years

The biggest hurdle to buying a home is price according to 4 in 5 home buyers. With the current declines in market value this hurdle will be overcome. However, with the current deal going through congress inflation may set in and interest may go up. This will effect home affordability in a negative way.

We can only wait and see but the future does look a little brighter for alot of Americans.

Source: Why Consumer Confidence is Key to Recovery

real estate market (22)

Date: Wednesday, September, 24th 2008 @ 07:04:00 PM
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