U.S. Housing Market Finally Seen Reaching a Turning Point

I put a bid in on a home over the Memorial Day weekend and, judging by the recent housing indicators, it appears I was part of a growing crowd of potential homebuyers poised to jump into the market and disperse the last remaining outsized cloud hovering over the economic landscape. It's a compelling crowd because it is not, I believe, made up of vulture investors expecting to feed on bottom housing prices. Instead, it appears to consist of people choosing to get back into the market after being pent up during five years of recession and dim job prospects. And experts say it will drive both single-family and multifamily housing recovery in the coming years. "In these initial years, the prime driver of recovery won't be new home construction, but rather demand for rental properties," said Louise Keely, chief research officer at The Demand Institute, a jointly operated non-profit, non-advocacy organization of The Conference Board and Nielsen. "This is a remarkable change from previous recoveries. It is a measure of just how severe the Great Recession has been that such a wide swath of Americans had to delay, scale back, or put off entirely their dreams of home ownership."

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