The National Association of Home Builders is forecasting that while most of the country won’t see significant housing recovery until next year, some markets may already be starting to turn.
The NAHB believes the Northeast will be the first to turn up in sales and pricing. Philadelphia avoided the extent of over-building that accompanied the price run-ups in other markets. The absence of large unsold inventories will help to mitigate the downward pressure on prices that will drag out the recovery in other markets.
The Home Builders say the northern tier of states should see some recovery by the fourth quarter.
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