The long-struggling housing market is finally beginning to see a turnaround. Signs of recovery have been evident with the recent increases in home prices, home sales and construction. Foreclosures are also down and the Federal Reserve has acted to push mortgage rates near record lows.
Barclays Capital put out a report recently forecasting that home prices, which fell by more than a third after the housing bubble burst in 2007, could be back to peak levels as soon as 2015. The housing rebound can have a ripple effect that could help get the entire economy growing at a much stronger pace, which will add to more demand for housing.
Roger Altman, chairman of Evercore Partners and former deputy Treasury secretary stated that the recent turn in the housing market should become a boom by 2015 and lift the entire U.S. economy. He also expects housing will add 4 million jobs to the economy over the next five years, as the pent-up demand for home purchases drives building and home prices higher.
To read more on this story visit: http://money.cnn.com/2012/10/12/news/economy/housing-boom/index.html
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