The Real Deal Miami

Deutsche economist: Housing recovery near

October 06, 2009 10:41AM

Some economists are beginning to see positive movement in the economy, even in the embattled residential market. Joseph LaVorgna, chief economist with Deutsche Bank Securities, said he believes the U.S. economy is repairing and that the housing market will soon recover as well. “The momentum in the economy is moving forward,” LaVorgna said. “We are much closer to a housing bottom than many believe.” While data from the Commerce Department and the National Association of Realtors showed that it would take 8.5 months to sell all the pre-owned homes on the market, the combined sales of both new and existing homes were up 15 percent in August, compared to sales in January this year. That rising demand could give the home building industry a boost, LaVorgna said.