U.S. News & World Report last week ran an article on housing in the United States titled, Is the Housing Market Finally Rebounding? In the article, KCM‘s founder and cheif content creator, Steve Harney, was quoted extensively. As we have been reporting, the housing recovery will come in two stages:
- Sales will increase absorbing the excess inventory available
- Prices will recover once inventory levels decrease
U.S. News & World Report quoted Steve on both issues.
“The first phase of the sales recovery is just beginning, he says. Houses are relatively cheap and people are feeling better about their economic prospects. They’re consuming excess supply that has weighed down the market for years.
“In a down market, there’s an overabundance of supply and there’s not enough demand. The recovery means that the demand and supply are getting toward more normal numbers,” Harney says. “In the past few years, the demand was down because there were so many questions about the economy.”
“Most of the country is doing very well, but the Northeast still has to work through some shadow inventory,” Harney says.”
You can read the full article here.