People of Northwest Public Radio
Wed July 11, 2012
'Wall Street Journal': Seven Years After Burst Bubble, 'The Housing Bust Is Over'
Originally published on Wed July 11, 2012 1:35 pm
The Wall Street Journal is calling it without any couching. The headline:
'The U.S. Housing Bust Is Over'
"The housing market has turned—at last.
"The U.S. finally has moved beyond attention-grabbing predictions from housing 'experts' that housing is bottoming. The numbers are now convincing.
As the Consumerist explains, the Journal is looking at four things: Home prices are slowly increasing; the sales of existing single-family homes are rising; housing starts are healthier and home building is "finally contributing to [the] GDP."
Calculated Risk, one of the most respected financial blogs, reminds us that they came to the same conclusion in February.
"For the housing industry, the recovery has started," Bill McBride writes. "As I've noted before, the debate is now about the strength of the recovery, not whether there is a recovery."
The bottom line, reports the Journal, is that from here on out, housing "is unlikely to drag the U.S. economy down further."