Guaranteed Rental | US set for 5% growth in residential property market in 2013 says RICS
http://bit.ly/RRMzRZ
A surge in new homes hitting the market is expected in the New Year with some developers opting to delay the launch of new phases and developments until January 2013. 'A rush of pre Christmas demand has boosted prices in November and we expect new home prices to end the year. There have been noteworthy improvements in the housing market in the United States in 2012, with homebuilding, prices and sales trending upwards, according to the Royal Institution of Chartered Surveyors. It is predicting a rise in home values of 5% in 2013 but warns that downside risks remain, such as the shadow inventory and more generally the strength of the economic recovery. ‘A robust and sustainable US economic recovery hinges on the health of the housing market, which seems to be on the mend going into 2013, with some solid gains in prices and transactions of late,’ it says. ‘Additionally, weak credit growth and the fragile labour market remain the largest obstacles to a sustainable recovery. Although the housing market has ploughed along in spite of the weak macro environment, this can only be sustained for so long without support from stronger job growth and improved lending conditions,’ it adds. Finally, a housing market collapse of the magnitude witnessed by the US will take many years to recoup fully all the losses. Indeed, it may well be that prices and activity levels will remain below their pre-recession peaks for sometime ahead,’ it concludes... - Source
http://bit.ly/RRMzRZ
A surge in new homes hitting the market is expected in the New Year with some developers opting to delay the launch of new phases and developments until January 2013. 'A rush of pre Christmas demand has boosted prices in November and we expect new home prices to end the year. There have been noteworthy improvements in the housing market in the United States in 2012, with homebuilding, prices and sales trending upwards, according to the Royal Institution of Chartered Surveyors. It is predicting a rise in home values of 5% in 2013 but warns that downside risks remain, such as the shadow inventory and more generally the strength of the economic recovery. ‘A robust and sustainable US economic recovery hinges on the health of the housing market, which seems to be on the mend going into 2013, with some solid gains in prices and transactions of late,’ it says. ‘Additionally, weak credit growth and the fragile labour market remain the largest obstacles to a sustainable recovery. Although the housing market has ploughed along in spite of the weak macro environment, this can only be sustained for so long without support from stronger job growth and improved lending conditions,’ it adds. Finally, a housing market collapse of the magnitude witnessed by the US will take many years to recoup fully all the losses. Indeed, it may well be that prices and activity levels will remain below their pre-recession peaks for sometime ahead,’ it concludes... - Source
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