Experts: Housing Market Back To Its Peak In 18 Months
Americas troubled housing market will return to full health
, having fully recuperated from the perils of the economic recession by April, 2011. According to experts, if current market trends of the past few months continue, the housing market will return to its peak form in 18 months.The bold prediction came from Stuart Law, chief executive of Assetz, who deal primarily in property investments. While observing property activity over the past six months, Law is very confident in the validity of his prediction, saying that "if it carries on at the rate we've been seeing for the last six months then prices will be back to their peak [in] 18 months time."
yet despite the confidence in his claim, he didnt hesitate to acknowledge that he may be just one of the few who are encouragingly optimistic about the future of the housing market.
His estimation follows the Council of Mortgage Lenders release of the September lending figures, which showed that compared to the second quarter of the year, gross lending in the third quarter is up 18. Having observed the encouraging CML statistics, Law claims that the numbers would be higher the fewer mortgages available leading to small deposits.
Perhaps Laws prediction is not that far off the rocker. President Obama recently announced a shift in the focus of the much maligned $700 billion bailout package, diverting the bulk of the attention away from supporting the major banks to aiding small businesses and the housing market.
HFAs (housing finance agencies) have been hit hard by the current financial crisis as theyve been forced to curb their activity due to investors shunning their debt. Such activity includes funding and developing inexpensive rental housing and providing low-interest mortgages for moderate to low-income families.
"This initiative is crucial to helping working families maintain access to affordable rental housing and home-ownership in tough economic times," said Timothy Geithner, Treasury Secretary, in a press release issued by the Department of Housing and Urban Development, the regulator for Fannie and Freddie, as well the Treasury.
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