White House Agrees With The Real Estate Bloggers - Most of Country Sees a Soft Landing
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While there is gloom and doom in certain markets, President Bush and his economic team feel the real estate market will see a soft landing as the huge increases over the last few years slow down and the industry settles into more traditional patterns. With the exception of a few real estate markets that overextended, such as Washington DC, Boston, New York and Long Island, California, and parts of Arizona and Florida, the country should see modest gains over the next couple of years.
Well, we have been preaching this story for a while now, it is nice to see the White House is seeing the same thing we are. Now the sixty four thousand dollar question is are we right? There are many who will think we are fools, and the whole real estate industry will come crashing down around us. Let us see who is correct this time next year.
The high-flying housing market should make a safe landing by gradually losing altitude, the White House suggested Monday.
Housing has been an important source of power for the economy as home sales hit record highs in the past five years running. Low mortgage rates were a factor behind brisk housing activity.
“A gradual slowing of homebuilding appears more likely than a sharp drop because the elevated level of house prices will sustain homebuilding as a profitable enterprise for some time,” according to President Bush’s annual economic report to Congress.
The direction of the housing market is being closely watched. Most private analysts also are expecting gradual moderation. If the housing market were to collapse, it would pose grave dangers to the country’s overall economic health.
ABC News: White House Sees Slow Drop for Home Sales.
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Comment by Clifford on 14 February 2006:
Thank you for publishing this! I’ve beat on my podium several times about the “Bubble Burst” actually not being a burst. I’d like to link to this article, if that’s alright with you. Thanks! Clifford