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Debra Pitell, CRS, GRI, e-Pro
Broker-REALTOR

Michael Saunders & Company
941-356-0437
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Recovery on the Way

SMR Research Corp’s annual spring study forecasts the housing market may have hit bottom. This sets the stage for a mild housing recovery to begin prior to 2008 year-end. The forecast is for a gradual recovery rather than a return to the strong growth of 2002 – mid 2006. House prices will increase slightly or merely firm up. SMR President Stuart A Feldstein said, “Homes are now affordable again. Consumer psychology is the biggest remaining hurdle to recovery.”

Previous forecasts by SMR were met with a skeptical reaction but they did prove accurate when in 2002 they claimed a housing price bubble did exist and in 2004 they forecast an increase of foreclosures within 2 years. Since it is not the common view, Feldstein stated he expects a skeptical reaction to this recovery forecast but maintains that the numbers do indicate that a mild housing recovery is on the way.
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