Housing Recovery Predicted for Early 2012
The Concord Group real estate strategy firm predicts that with 18 months worth of housing inventory on the market, it will take until the first quarter of 2012 for demand for new homes to equal what it was in 2000.
Concord Group calculates that new home sales in 2010 were 70 percent below peak demand in 2005 and at the lowest point since 1963.
Concord says these regions have the strongest long-term growth potential:
· Orange County, Calif.
· San Jose, Calif.
· Washington, D.C.
Source: The Concord Group (10/12/2010)