Nationwide Mutual Says Little Chance of a Housing Downturn in the Near Term

The overall housing market is healthy and sustainable, despite some weakness in communities hit hard by the oil slump, according to David Berson, chief economist for Nationwide Mutual. Berson's firm puts together data known as the Leading Index of Healthy Housing Markets, which measures the state of housing in 400 metropolitan areas. The index measures employment, demographics, the mortgage market and house prices. Berson says the most sustainable part of the housing market is in the Midwest, and overall there's little chance of a housing downturn nationally in the near term. But the bottom of the index includes eight cities in Texas, where the energy downturn has impacted local communities. Still, Berson said the downturn in Texas isn't as bad as what occurred during an oil bust in 2006.  Berson spoke at Camp Kotok, an annual gathering of money managers and economists in Grand Lake Stream, Maine.