At least some analysts are bullish on housing.
William C. Wheaton, professor of economics at Massachusetts Institute of Technology, argues that the housing market is due for improvement, calling home construction, “a sleeping giant that is about to wake up.”
Wheaton believes that because there has been so little construction that demand exceeds the level of building and it will soon absorb excess inventory.
“Housing construction will not only rise, but it will stay high for a while, which didn’t happen in previous recoveries,” Wheaton predicts.
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|Written by Business Journal staff
|Wednesday, 15 September 2010 10:59
|The latest building permit report by Construction Monitor shows that single-family home building in the Central San Joaquin Valley crossed the $300 million mark by Sept. 9.The weekly publication says this year in the region, 1,693 single-family housing permits were granted with a value of $303,992,369. Centex Homes remained the lead builder with 132 homes being erected this year at a value of $22,718,469.K. Hovnanian Homes and Wathen-Castanos Inc. each had 117 homes being erected this year, the former with a value of $19,241,323 and the latter with a value of $18,075,020.
Commercial construction was up only slightly from the previous week, the report said, with a year-to-date project value of $230,805,920.
At MonsterHousePlans.com, be believe that the best is yet to come. All we need to do is stop reading the headlines about doom and gloom and focus of those things that are positive in all of our lives. This is still a great country filled with great people that are capable of amazing things. We will pull ourselves out of this like we have in the past.
Talk in the home builder and developer trenches going into this past weekend waxed academic, focusing on an analysis that flashes harsh light on the reality of a rebound. Then, lo, authors of said analysis, Steven Gjerstad and Vernon Smith of Chapman University (Orange, Calif.), show up with an op-ed piece in the Saturday Wall Street Journal. Briefly, they say, recoveries just don’t get going unless housing gets going first. Likely take-away? Policy makers won’t be able to resist more plans to fix housing. Read more…