Housing poised for recovery: industry exec

With the Fed’s mortgage-buyup initiative over and the first-time homebuyer tax credit deadline looming, concerns abound over how the housing market will transition off of federal life support. Jerry Howard, head of the National Association of Home Builders, told the Wall Street Journal that he’s optimistic that we’ve hit bottom and that a double-dip housing recession is unlikely. “So far we’re seeing signs of stability,” Howard said. “I haven’t seen anything empirical that makes me think we’re going to go into a double-dip.” He did, however, concede that the end of the upcoming summer buying season will be a better time to gauge market strength and that it remains to be seen how the tax credit expiration will affect the industry.