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Housing May Turn the Corner in 2012: CoreLogic
 housing may turn corner in 2012.pdf | [ ] | 256 Kb | 0 Downloads | 1/25/2012 16:28 CST |
By: Carrie Bay 01/18/2012
CoreLogic’s chief economist Mark Fleming says housing statistics and the duration of the downturn to date indicate 2012 may be the year the housing market begins to turn the corner.
In the first release of CoreLogic’s new MarketPulse newsletter Wednesday, Fleming explained his rationale for such an assessment.
He notes that housing is an industry with long business cycles. Regional housing recessions have typically taken anywhere from three to five years to find their bottom, and Fleming says the national housing recession has behaved similarly in that it has bounced along a bottom for the past two years.
Fleming points out that housing affordability is rising dramatically due to a combination of home price deflation and rock-bottom mortgage rates. In fact, he says, after adjusting for inflation, this has been a “lost decade” for housing as prices are the same as at the beginning of the millennium.
“The time is right in 2012 for prices to begin growing again,” Fleming said, “and housing affordability will put a floor under any further significant declines.”
A Strong Close to 2011 Confirms Improving Outlook for 2012
Nine Reasons to Invest in Texas – Excerpts from October 2011 Tierra Grande
Why do investors find Texas so attractive?
Texas is Built for Business
Texas is an attractive place for real estate investors. It works hard to stay “business friendly,” and the state’s economic environment supports businesses as they compete in the global economy.
You can find the full article HERE (this will open a new window).
- Texas is leading the United States in the current economic recovery
The Texas economy suffered less in terms of lost jobs and outputs in the Great Recession than the nation as a whole
(see Figure 1 in the attachment).- Texas’ economy is big and growing
With a gross domestic product (GDP) of more than $1.2 trillion, Texas’ economy was the 14 th largest in the world in 2010 (Table 2). It was the second largest economy in the nation in 2010, larger than New York’s (Table 3).- Texas’ economy is profitable
In 2009, gross operating surplus in Texas accounted for 40 percent of the state’s private sector GDP compared with a national average of 37.5 percent (Table 7). This means Texas businesses are more profitable.- Texas has a growing population
A growing population, particularly if well educated and sporting an entrepreneurial spirit, is an important part of the economic infrastructure. On the demand side, a growing population boosts the need for goods and services, especially housing units, which in turn leads to more economic growth and higher profitability. The share of U.S. population living in Texas has increased from 7.4 percent in 2000 to 8.1 percent in 2009 (Table 8)
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