Office Market — “sluggish” recovery limps on, says National Real Estate Investor.
Early warning on multifamily development –
CoStar worries the apartments now underway are just the beginning of an overbuilding boom. “It is not this wave of supply that we are worried about—it’s the next wave of supply that could swamp fundamentals,” says CoStar.
ON HOUSING — two views
Mark Zandi, economist, writing for The Washington Post:
Now that housing is finally getting its bearings, it will turn from an economic headwind into a tailwind and become a significant source of jobs. There will be more construction jobs, construction-related manufacturing jobs, transportation and distribution jobs, retailing jobs, financial services jobs and a range of service jobs from cable hookups to landscaping. A better housing market is the principal missing link to a better job market.
At Zerohedge, a 2:45 (minutes) video with Bob Shiller — also an economist, Shiller has the distinction of having called the 2000 market crash before it happened — and is one of the men who created the Case-Shiller housing index. ZH quotes him as follows:
“[the outlook] could be up; but I don’t see how anyone knows?” adding that another plausible outlook for the next five years is that “housing stays right where it is now,” adding that Zillow’s 1.3% annual real growth expectation could be too optimistic.
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