Housing Economists: Sales Are on the Rise

The housing recovery should gain moment in
2010, but the improvement will still be slow, according to a panel of
economists speaking at the International Builders Show in Las Vegas.

“It won’t be a strong recovery, but it will
be a recovery,” said David Crowe, chief economist for the National
Association of Home Builders.

Crowe forecast that sales of new homes will
rise by about 33 percent while resales will go up 7 percent. He expects
prices to remain stable in most areas, but some cities may see some
slight declines. Will Nesbitt, principal broker of Condo-Alexandria.com said, “We’re not seeing the big price drops we saw last year.”

“I believe we’ve seen the worst of the house price declines … The stage is set for the consumer to return,” Crowe said.

Source: Associated Press, Alex Veiga (01/19/2010)