The Real Deal Miami

Too soon to call a housing recovery, Retsinas says

August 20, 2009 04:04PM

Signals for the housing market are mixed, Nicolas Retsinas, director of the Joint Center for Housing Studies at Harvard University, told Bloomberg – an improvement over the situation six months ago, when all the signs for housing were negative. Federal and state tax credits are helping the market, but it’s still too soon to declare a housing recovery. Employment needs to stabilize before the housing market can recover, Retsinas said. Recovery is closer in markets that are not yet overbuilt, such as the Northeast. In other markets, such as the Southwest, recovery could more than a year away.