We’re In the Early Stages of a Housing Recovery: Mark Zandi
Buyers and sellers take note: the housing recovery is real, according to Moody's Analytics Chief Economist Mark Zandi.
"We're in the early stages of a good run in the housing market. The house price gains are very strong... the numbers are looking pretty good. The higher mortgage rates don't help. They are a hamper on the market but hopefully they don't rise too much further from where they are today until the job market really kicks in..."
Related: Did Bernanke Just Kill the Housing Recovery?
This comes on the heels of some robust housing numbers out this week. New-home sales (XHB) rose 2.1% in May, according to the Commerce Department. The Standard & Poor's Case-Shiller index rose 12.1% for existing-home prices in 20 metropolitan areas in April. That's the largest rise since 2006, according to Reuters.
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Zandi notes that nationally there's a pent-up demand for new homes, while potential home sellers are waiting until prices rise even further. The memory of 2007 peak home prices remains strong...
Of course, that bubble popped.
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