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What Will It Take for the Housing Market to Recover?

(8/30/10)

A recent report on housing suggests that within the next decade the number of households in the United States will grow by approximately 1.5MM per year. This surge in the household growth rate will far exceed the growth rate during the past five years and could be higher if the immigration rate is greater than anticipated. The balance of economic stability seems to lie somewhere between improving the health of the housing market and reversing the jobless rate. Tipping the scale could be the "cart before the horse" element in the equation of needing to have a job before being able to apply for a mortgage to purchase a home. It is projected that the unemployment rate will not peak until 2011 as the economy shifts into several planes, one that is operating and functional and the other in need of restructuring and resetting in order for new employment opportunities to emerge. So while it may be reassuring to know that the demand for housing will be present, that need can only be met if there are plenty of good paying jobs available.

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