Even though the federal homebuyer tax credit is scheduled to be eliminated next month, officials and industry insiders alike remain confident that the US housing market is poised to gain 6 percent this year. Recent news may warrant greater optimism; the Standard & Poor’s Supercomposite Homebuilding Index hit a five- month high March 9, but the real key to a real estate will be employment.
“I would bet even odds that we’re at a bottom and that we’re going to see improvement in the coming months,†said Karl Case, co-creator of the S&P/Case-Shiller Home Price Index and a professor of economics at Wellesley College in Wellesley, Massachusetts.
Source: Bloomberg
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