Real Estate Outlook: What’s in Store for 2009?
What will the new year bring for housing and real estate? It’s easy to look at all the negative economic news in the headlines and say – there’s no sign that 2009 is going to be any better than 2008.
But here’s a different perspective to consider from one of the country’s veteran financial analysts — Richard Bove of Ladenburg Thalmann, an investment banking company.
In a research report issued late in December, Bove said he sees a positive dynamic taking shape in the current cycle. The government has intervened aggressively in the markets to push interest rates down — most notably in the home mortgage sector.
Though it takes awhile for low-cost money to begin having its effect, Bove said he expects “housing prices to stabilize and/or rise (in 2009) after a likely boom in mortgage refinancings as rates fall and loan applications increase.”
Add in the expected massive economic stimulus package being put together on Capitol Hill with the incoming Obama administration — and there’s a good chance we’re going to see a gradual transformation of the downward cycle into a slow rebound over the coming several quarters.
Already there are positive signs of the turnaround Bove predicts…
Read the entire article in my monthly real estate newsletter for residents of West Chester, Liberty Township and Beckett Ridge.
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The National Association of Home Builders (NAHB) is spearheading Fix Housing First, one of the largest coalitions of housing advocates ever assembled in the United States, to push for a housing recovery plan that will revive the economy.