The cities that saw the bubble housing boom in the first decade of the century—cities in California, Florida, Nevada and Arizona especially—won’t see the next big boom until around 2025 according to the financial services company, Fiserv. Fiserv expects other markets in the Northeast and Midwest to take a full ten years before price spikes equivalent to 2006 and 2007 return.
For most of the country some level of normalcy will prevail starting in 2011, but the recovery period will be prolonged almost everywhere in the U.S. Factors that will keep housing cycles from a more historic 10 year pattern are the continuing high levels of unemployment and the large inventory of foreclosures.
Fiserv also blames the former widespread practice of predatory lending in cities such as Minneapolis, Chicago, and Memphis, which have led to many foreclosures in many neighborhoods.
Cities Fiserv predicts will recover on a much faster track are Pittsburgh, Columbia, South Carolina and some of the cities in Texas, Washington, and upstate New York.
Dave Rosenmarkle
Broker/Owner
Highland Realty
Arlington, VA 22207
703-538-2566
davidrose@mris.com
www.HighlandAgents.com
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