Categorized | Residential

United States Property Market Will Bottom Out in Early 2012

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The nation’s leading housing analysts believe that the United States residential real estate market may bottom out sooner than expected. These analysts believe that the bottom will likely be reached early in 2012. Initial reports had indicated that the bottom wouldn’t be reached until August of 2012.

The updated prediction is based upon the housing results from the third quarter. During the third quarter, residential property prices fell only two-tenths of a percentage point. The insignificant change is a key indicator that prices will likely reach their bottom in the near future.

The United States has been struggling through a housing crisis for the last few years. While some cities are finally starting to rebound from unprecedented declines in pricing, others continue to falter. With job market uncertainty continuing to grow, overall consumer confidence has taken a nosedive, thus continuing to do damage on the already battered housing market.

With that said, the fact that the housing market remained rather stagnant despite the overall negativity and severely reduced confidence indicates that market’s struggles may finally be nearing their end.

Some analysts, though, are not painting such a rosy picture. They are quick to note that overall stagnation in pricing from the second to the third quarter is not a good sign, as the numbers are supposed to be at their best during the third quarter. The housing market generally struggles during the fourth quarter, and as such, will further drop beyond its already depressed levels. In addition, these analysts cite that the current prediction that the market is close to bottoming out is the third time that analysts have said that the market had hit its bottom.

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About James Pattric

James writes for the Residential category (along with Josh Johnson) and also heads up the Resources category.

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