CNBC's Larry Kudlow hints at housing recovering

Services for Real Estate Pros with Liberty Mutual

Larry Kudlow is joining fellow CNBC personality Jim Carmer in discussing housing very favorably this week. Cramer stated that it was now time to buy a house  and Kudlow is taking mainstream media to task for remaining pessimistic while there is strong data to support the slowdown's end is near if not already over.

Kudlow's points to support a housing recovery:

  • Median prices nationwide have climbed 10 percent since February. June'08s numbers were down six percent compared to June 07 - but have risen four months in a row when comparing month over month rather than year over year.
  • Homes sold in the hardest hit areas - California, Florida, Michigan, Arizona and Nevada - are UP 17% since October 07 and prices have climbed three months in a row.
  • Homes sold nationwide in First Quarter 2008 and Second Quarter 2008 were down three percent compared to the same periods of 2007. While still a reduction, this is a dramatic improvement compared to the previous three quarters which reported declines in the 30% range.

These numbers are all based on national figures and our Middle Tennessee market is different. My opinion is that we didn't see the out of control price increases other markets faces and therefore we are less likely to see the big price swings other are experiencing. Also, our economy is very well balances while other areas are not - Michigan has the struggling auto industry and Florida has tourism. Don't discount our business development agencies' efforts to grow this area - they will be a major contributor to our speedy recovery.

Comments (3)

Travis Newton
Salem and Bend Oregon FHA, VA & USDA 503.931.4490 - Salem, OR

This would be great news for us all


Jul 25, 2008 06:43 AM
Kathy Blome
Saint Augustine, FL
Homes For Sale - Real Estate - Wesley Chapel, Pasc

I also saw Jim Kramer on Regis & Kelly, he said he was going to buy a house in Plam Springs, CA and also commented on the Florida market.  He said the West coast had already hit bottom, but the East coast you could still get some great deals.  I am in the Tampa Bay area and have seen a major increase in sales, I think the worst is over for us here.

Jul 25, 2008 07:26 AM

We are only in the 4th inning here in So Cal. Short sales at the top end of the market are starting to pop up everywhere. It's all about to come tumbling down. 2009 is going to be another tough year.

Feb 12, 2009 04:23 AM