Housing Market Shows To Be In Recovery

Dated: 01/02/2013

Views: 1055

Santa Ana, Calif.-based Veros Real Estate Solutions is kicking off 2013 with good news: The company reports that its quarterly housing forecast shows "compelling evidence that the national real estate market has hit bottom and is now in a full recovery."

The Veros forecast - which covers 975 counties, 335 metro areas and 13,586 ZIP codes - indicates that, on average, the top 100 metro areas can expect 1.2% appreciation over the next 12 months. In addition, Veros forecasts that the nation's depreciating markets are becoming less severe, with the worst markets in the –2% to –3% range. For the first time since the recession began, Veros adds, two-thirds of all markets are expected to either be flat or appreciating during the coming 12 months.

Veros projects the five strongest housing markets for 2013 will be Phoenix-Mesa-Scottsdale, Ariz.; Midland, Texas;  Miami-Fort Lauderdale-Miami Beach, Fla.;  Tampa-St. Petersburg-Clearwater, Fla.; and Denver-Aurora, Colo. The five weakest markets projected for 2013 are Poughkeepsie-Newburgh-Middletown, N.Y.; the Pennsylvania-New Jersey market covering the cities of Allentown, Bethlehem and Easton; Norwich-New London, Conn.; York-Hanover, Pa.; and Trenton-Ewing, N.J.

"Overall, the recovery in the housing market is forecast to continue to accelerate," says Eric Fox, Veros' vice president of statistical and economic modeling. "We have been consistent in saying that the recovery will be lengthy and gradual, and market-by-market. Now we are finally "over the hump' at a national level, with appreciation being the forecast norm instead of depreciation, although some markets are still forecast to show signs of weakness."
In NJ, with a surge in homebuyers tackling the newly listed properties, surely a recovery is in place. Let's hope 2013 becomes a year of recovery not only for the housing market here in NJ, but for those affected so terribly by Hurricane Sandy. 

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