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In recent years, the housing market has become an uncertain sector in terms of predictions. The data shows the impact of the so-called “double dip” in house prices many commentators have predicted. Yet, such a decline is clearly thought to be short-lived, at least in Pennsylvania. There is considerable reason for optimism.
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The role of housing in the economic recovery was addressed in a presentation by Eric Rosengren, president and CEO of the Federal Reserve Bank of Boston in January. Rosengren’s speech highlighted two questions associated with the economic future of the nation.
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Many in the real estate industry continue to hope that house prices will begin to appreciate once again after three years of rapid and persistent declines. Initially, only the “sand markets” were hard hit; now the median price decline is about 30 percent nationally. In Pennsylvania, we’re fortunate that the typical declines have been...
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So what should we expect? Much depends on the employment picture and its impact on house prices over the next several months. If job growth returns, prices will continue to stabilize and market demand will improve.
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Thursday, Feb. 9, 2012
