Housing Comeback in 2010?

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.

1 minute read

November 14, 2008, 8:00 AM PST

By Tim Halbur


"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."

Tuesday, November 11, 2008 in ULI's The Ground Floor

portrait of professional woman

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching. Mary G., Urban Planner

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching.

Mary G., Urban Planner

Cover CM Credits, Earn Certificates, Push Your Career Forward

Logo for Planetizen Federal Action Tracker with black and white image of U.S. Capitol with water ripple overlay.

Planetizen Federal Action Tracker

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

July 16, 2025 - Diana Ionescu

Green vintage Chicago streetcar from the 1940s parked at the Illinois Railroad Museum in 1988.

Chicago’s Ghost Rails

Just beneath the surface of the modern city lie the remnants of its expansive early 20th-century streetcar system.

July 13, 2025 - WTTV

Blue and silver Amtrak train with vibrant green and yellow foliage in background.

Amtrak Cutting Jobs, Funding to High-Speed Rail

The agency plans to cut 10 percent of its workforce and has confirmed it will not fund new high-speed rail projects.

July 14, 2025 - Smart Cities Dive

Worker in yellow safety vest and hard hat looks up at servers in data center.

Ohio Forces Data Centers to Prepay for Power

Utilities are calling on states to hold data center operators responsible for new energy demands to prevent leaving consumers on the hook for their bills.

July 18 - Inside Climate News

Former MARTA CEO Collie Greenwood standing in front of MARTA HQ with blurred MARTA sign visible in background.

MARTA CEO Steps Down Amid Citizenship Concerns

MARTA’s board announced Thursday that its chief, who is from Canada, is resigning due to questions about his immigration status.

July 18 - WABE

Rendering of proposed protected bikeway in Santa Clara, California.

Silicon Valley ‘Bike Superhighway’ Awarded $14M State Grant

A Caltrans grant brings the 10-mile Central Bikeway project connecting Santa Clara and East San Jose closer to fruition.

July 17 - San José Spotlight