Recovery - Looking Forward to 2013
Chief economist David Crowe of the National Association of Home Builders stated recently that the US housing market will begin a recovery turnaround in 2012.
This forecast predicts that we will have a solid housing recovery by 2013. The sales of new single-family homes are predicted to increase 19% this year; in numbers, that equates to 360,000 NEW home sales this year, up from 306,000 in 2011.
The prediction for 2013 is NEW home sales of 505,000! That is an increase of 40%. Other economists are not so optimistic, but only time will tell.
The NEW home-building industry in Las Vegas: Home builders in the Las Vegas Valley have been purchasing residential land at bargain prices over the past 3 years. The cash-rich builders have been purchasing land from the financially drained builders.
What this means is that NEW home prices will be affordable since the cost of the land is reasonable. NEW home prices were soaring prior to 2008 due to the rising cost of the land, which became outrageously high, and the high cost of labor and materials.
Las Vegas will be ready for the new home buyers.
