It may be a little early to start putting the champagne on ice, but looking over last weekâ€™s releases of housing reports gives us a fairly good idea of how our Brooklyn housing picture for the year 2012 is likely to end up.
â€œThe housing recovery that started earlier in 2012 continues to gain momentum,â€ according to CoreLogicâ€™s Chief Economist. The monthly data report covered final national numbers for October (a year-over-year rise of 6.3%) as well as a probable 7.1% increase for the month just ended.
CoreLogic was also â€œseeing an ongoing strengthening of the residential housing marketâ€ as well as â€œimproving buyer demand.â€ Brooklyn housing watchers might have assumed that the aftermath of Superstorm Sandy would have put a big dent in the national outlook, but apparently that effect may be less than anticipated.
If CoreLogicâ€™s take was not quite definitive enough to trigger an early break for the bubbly, there was additional news from the financial soothsayers. Seekingalpha.com stayed with its months-long view that â€œthere are immediate long-term opportunities for homebuyers,â€ while Barronâ€™s quoted RDQ Economicsâ€™ John Rydingâ€™s pronouncement on the housing market: â€œthe recovery is running ahead of our expectationsâ€¦â€
Meantime, the Wall Street Journal was blogging about the â€˜Five Reasons Home Prices Have Been Risingâ€™ â€“ including favorable affordability, lowered levels of distressed sales, and rising rent levels. They also pointed to plunging inventories that â€œsee more buyers chasing after fewer properties.â€
Of course, the complete Brooklyn housing picture for the full year wonâ€™t be known until December is in the books. But considering how the year has treated us so far, it might not be too soon to stash a bottle or two of the good stuff in the fridge after all!
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