An industry expert predicted at ULI's fall meeting that the new home market could pick back up by 2010, followed by a rally in the resale market in 2011.
"The comeback, said John C. Burns, president of John Burns Real Estate Consulting, Inc. in Irvine, Calif., will be driven by more young adults entering the home buying market-–but not before a further shakeout resulting from more foreclosures, more job losses, and a continually dragging economy.
The downward housing spiral, according to Burns, could be attributed in part to a push for homeownership to an "unsustainable" national level of nearly 70 percent. In the wake of the housing market collapse, the supply of homes for sale nationwide soared to its current level of about 4.5 million, which he said is about 2 million higher than the level needed to achieve balance between supply and demand. The silver lining: home price declines of more than 20 percent nationwide have eased the affordability gap between prices and consumer incomes, Burns noted. "The housing market will stabilize when we get back to a six-month supply [f homes for sale], when job growth stabilizes, and when monthly [house] payments get more in line with consumer incomes," he said."
FULL STORY: Housing: Set for a Rally in 2010?

Trump Administration Could Effectively End Housing Voucher Program
Federal officials are eyeing major cuts to the Section 8 program that helps millions of low-income households pay rent.

Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

The 120 Year Old Tiny Home Villages That Sheltered San Francisco’s Earthquake Refugees
More than a century ago, San Francisco mobilized to house thousands of residents displaced by the 1906 earthquake. Could their strategy offer a model for the present?

HSR Reaches Key Settlement in Northern California City
The state’s high-speed rail authority reached an agreement with Millbrae, a key city on the train’s proposed route to San Francisco.

Washington State Legislature Passes Parking Reform Bill
A bill that would limit parking requirements for new developments is headed to the governor’s desk.

Missouri Law Would Ban Protections for Housing Voucher Users
A state law seeks to overturn source-of-income discrimination bans passed by several Missouri cities.
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