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The Joint Center for Housing Studies of Harvard University recently released their annual State Of the Nation’s Housing report. According to the report, there are several signs which indicate future gains for the market. Among them, the report cites strengthening rental markets, increasing home sales, and improved stability. Eric S. Belsky, managing director of the Joint Center for Housing Studies, said with rents up, home prices down, and mortgages rates at record lows, monthly mortgage costs relative to rent haven’t been this favorable since the early 1970s. Belsky also believes that unless the broader economy goes into a tailspin, stronger sales, lower inventory, and stabilizing prices should pave the way for a pickup in single-family housing construction. The report cautions that we’re still in the early stages of the housing recovery and a number of challenges remain but is optimistic about the market’s prospects. More here.
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