Pearl River Housing
Picture Not Quite Complete
2012 Housing Picture: Break
Out the Bubbly?
Housing Momentum on Course to Continue
It may be a little early to start
putting the champagne on ice, but looking over last
week’s releases of housing reports gives us a fairly good idea of how
our Pearl River housing picture for the year
2012 is likely to end up.
“The housing recovery that started earlier
in 2012 continues to gain momentum,” according to CoreLogic’s Chief Economist.
The monthly data report covered final national numbers for October (a
year-over-year rise of 6.3%) as well as a probable 7.1% increase for the month just ended.
CoreLogic was also “seeing an ongoing
strengthening of the residential housing market” as well as “improving buyer
demand.” Pearl River housing watchers might
have assumed that the aftermath of Superstorm Sandy would have put a big dent
in the national outlook, but apparently that effect may be less than
anticipated.
If CoreLogic’s take was not quite
definitive enough to trigger an early break for the bubbly, there was
additional news from the financial soothsayers. Seekingalpha.com stayed
with its months-long view that “there are immediate long-term opportunities for
homebuyers,” while Barron’s quoted RDQ Economics’ John Ryding’s
pronouncement on the housing market: “the recovery is running ahead of our
expectations…”
Meantime, the Wall Street
Journal was blogging about the ‘Five Reasons Home Prices Have Been Rising’
– including favorable affordability, lowered levels of distressed sales, and
rising rent levels. They also pointed to plunging inventories that “see more
buyers chasing after fewer properties.”
Of course, the complete Pearl River housing picture for the full year won’t
be known until December is in the books. But considering how the year has
treated us so far, it might not be too soon to stash a bottle or two of the
good stuff in the fridge after all!
Call me for a chat…845 544 4026
Marcella
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