Reported by Steve Flaugher, REALTORｮ, e-PRO Certified Internet Specialist
Updated December 10, 2011.
Current Market Rating: 2
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The volatile U.S. housing market finally is going to experience a little growth, according to an forecast done by economists who predicted the recession. Nationally, housing starts crashed from 1.8 million in 2006, the height of the real estate boom, to fewer than 600,000 starts annually in 2009-11. The forecast expects a rise to 602,000 units in 2012, a 3.2 percent increase from the 583,000 units of 2011, according to economists at Chapman University, in Orange, Calif.
The good news is that, although "housing starts will continue at depressed levels, the trend is positive," said Jim Doti, an economist and Chapman president.
The real problems in housing won't be solved by lower interest rates, he said of the possibility that the Federal Reserve Board could cut interest rates further. The reason is that interest rates already are at historically low levels and can't go much lower.
The positive side is that "housing prices have dropped, and homes are very affordable," Doti said. "This is a great buying opportunity. People have the wherewithal to buy homes, but are holding off" because of fears the economy could plunge again into a recession. But those who take the plunge are getting some good deals.
The home vacancy rate, historically about 2 percent, also has improved slightly. The level zoomed upward from 1.9 percent in 2005 to 2.8 percent in 2008, then leveled off to 2.4 percent in 2011, where it should remain in 2012, Doti said.
The housing doldrums are affecting the national economy. Doti quoted Chapman's Nobel economics laureate, Vern Smith, who said, "We can't get a real strong recovery until we get a strong uptick in housing."
U.S. housing prices, which dropped about 4 percent in 2011, will show a slight increase in the second half of 2012, rising at about a 1 percent annual rate.
The message is clear: Jobs creation should be the No. 1 concern of government. In sum, it looks like 2012 will be a holding year, for housing and the rest of the economy.
ZIP Code: 45822 Location Characteristics: Located next to Grand Lake St. Marys, Ohio's largest man made lake. 3 miles wide and 8 miles long.
About Steve Flaugher:
What is an e-PRO覧 and why should you use one? A short guide for the Internet consumer When you're on the Internet, you don't have time to waste on endless searches for useful real estate information. You want to get things done quickly and without hassle. So chances are you'd like a real estate agent who
Answers e-mail promptly and professionally. Respects your on-line privacy. Offers home listings and other Internet tools to help you find or market a home. Enter the e-PRO.
An e-PRO is a REALTORｮ who has successfully completed the e-PRO training program for real estate professionals. Endorsed by the National Association of REALTORSｮ, the e-PRO course teaches professionals the nuts and bolts of working with real estate on-line: Web sites, e-mail, on-line tools, and most of all, what today's consumer really wants.
What does all this mean to you? There are several benefits of working with a certified Internet professional.
More privacy Are you reluctant to give out contact information through the Web for fear of being pestered or spammed? e-PROs understand. They've learned the Web isn't just a place to do business; you need information from someone you can trust.
That's why e-PROs respect your privacy. They respond quickly to your questions, but don't send you unwanted communication. And they protect your personal information.
Less hassle Tired of struggling to find information? e-PROs are more likely to have access to the latest Internet utilities, making your life easier. These tools may include:
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Less expense An e-PRO's access to advanced technology can save you considerable expense. You have more tools to find or market your home, so you're likely to get a better price. With on-line home tours, you reduce in-person showings覧and the costs involved. And by using e-mail, you save money on long-distance calls and fax charges.
Relocating? An e-PRO is ideal for you. With the tools to do your research electronically, you can make a decision on a home the first day you're in town覧or without traveling at all. You and your family save on travel costs. And after you've decided to buy, monitoring the sale by e-mail saves you even more.
Should you use an e-PRO? Yes覧especially if you're an Internet user. In this fast-paced age, technology has become a necessity. An e-PRO is someone who has recognized and responded to the needs of the new consumer. If you choose an e-PRO, it's a safe bet you'll get the kind of service you want覧and need.
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