NAHB economist sees recession end
The
bad news was any recovery will be slow, and unemployment will prevent major
growth in home sales. And near-record rates of foreclosure will continue.
This year will see the end of America’s recession, stabilizing home prices and continued low mortgage interest rates.
That’s the good news delivered Tuesday by economists speaking at the International Builders’ Show in Las Vegas. The bad news was any overall recovery will be slow, and unemployment will prevent major growth in home sales. And near-record rates of foreclosure will continue.
"The stage is set for the consumer to return," said David Crowe, chief economist of the National Association of Home Builders. Although sales will continue to lag, builders will be helped by generally low inflation in building materials prices and wages, he added.
Crowe predicted national unemployment will peak at 10.2 percent in the first quarter of this year and then slowly drop. It will still be above 8 percent at the end of 2011.
The NAHB is the sponsor of the Builders’ Show.
This year will see the end of America’s recession, stabilizing home prices and continued low mortgage interest rates.
That’s the good news delivered Tuesday by economists speaking at the International Builders’ Show in Las Vegas. The bad news was any overall recovery will be slow, and unemployment will prevent major growth in home sales. And near-record rates of foreclosure will continue.
"The stage is set for the consumer to return," said David Crowe, chief economist of the National Association of Home Builders. Although sales will continue to lag, builders will be helped by generally low inflation in building materials prices and wages, he added.
Crowe predicted national unemployment will peak at 10.2 percent in the first quarter of this year and then slowly drop. It will still be above 8 percent at the end of 2011.
The NAHB is the sponsor of the Builders’ Show.
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