Forecast Sees Job Growth Lifting Housing In 2011
Crowe projects new home sales will be in that range next year. Other economists believe it could take three years to get back to that level, however.
On the price front, Crowe is forecasting prices for new and previously occupied homes to be flat this year and inch up 1.4 percent next year.
Nothaft's forecast calls for home prices to bottom out this year. He anticipates sales of newly built and previously occupied homes will rise 10 percent this year from 2010.
Both he and Crowe agree not all markets will recover as quickly, noting housing will be slow to improve in California, Florida, Nevada, Arizona, states hard-hit by foreclosures.Still, Crowe said he expects improved home sales this year will help absorb some foreclosures.
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