Will the housing recovery continue? Will it continue into the second half if 2014? Will it continue through 2015?
The consensus among the expert economists at a panel at the Bipartisan Policy Center Housing Summit, is a resounding YES.
There are some risks to growth. But economists agree that housing is unlikely to slide back into the economic doldrums.
Joathan Smoke, chief economist at Realtor.com believes we are firmly in recovery mode. He stated that all of the data points suggest a better second half of every year. Home price appreciation is much healthier. Life is going to be changing from a demographics perspective. We put a major pause on all of our lives during the Great Recession. We have these waves of baby boomers, the wealthiest generation, even if they elect to stay in place, we should see a substantial increase in home improvement.
Mike Fratantoni, economist for the Mortgage Bankers Association, stated that we are on the edge where we'll see meaningful wage growth for families. The trend of raising rents will drive homeownership. One benefit of owning a home is that no one can raise the rent on you.
Beth Ann Bovino, chief economist of Standard & Poor's, said that certain negative economic conditions are now turning around, as proof that housing can be sustained.
Real wages were negative, we're starting tot see that turn around, We were wondering where the consumers are, and it seems that they have come back to the mall. We'll be looking to see housing starts finally reaching and holding 1.5 million in 2 years.
The bottom line is that the consensus is that the economy will continue to improve, and so will housing, along with the economy.