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A blog about the economy and the Sacramento-area real estate market.

June 23, 2009
Harvard: Housing's long row yet to hoe
The new annual look at housing from Harvard University's Joint Center on Housing is out today and Big Builder Magazine takes a look at its wary conclusions. There is a link to the study itself inside this item.

From Builder:

"Any talk of a housing recovery is moot until foreclosed inventory shrinks, unemployment rates abate and banks make mortgages available for more buyers. But despite all of the negative factors and influences it cites, the Joint Center's report still finds room for some guarded optimism, if not necessarily for this year but beyond. "While it is too soon to tell whether housing markets will stabilize in 2009, conditions that could support a recovery are taking shape," it states. For one thing, deep production cuts by builders reduced inventories of new homes "to near parity with long-run demand entering 2009." And based on today's median home prices, conservative lending standards, and a conventional 30-year fixed-rate mortgage, "affordability for home buyers has returned at the national level and in many metro areas."

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