House prices: boom or bust?
FORECAST Steve Murray, a residential property specialist with 33 years of experience in the industry and editor of Real Trends International, a trends research and publishing firm based in Colorado, will be sharing some of his key property insights with local estate agents in August by exclusive invitation from RE/MAX of Southern Africa.
Murray says that everyone who owns property or who wants to own property in the near future has one big question on their minds: Are house prices going to boom or are they going to bust?
According to a recent article published on the Real Trends website, house prices are expected to remain steady over the five year cycle from 2010 to 2015. “While no one can forecast the industry’s future with any degree of certainty, it is interesting to note that after headline news that home prices in the US double-dipped, most forecasters are predicting a 2011 turning point for the US housing market, according to the investment and risk management firm MacroMarkets,” says Murray. The New Jersey-based company polled 108 economists and real estate experts from the likes of BBVAResearch, George Mason University, and Wells Fargo to gauge their predictions. Nearly two-thirds of the panelists believe the bottom for home prices arrived in the first quarter or will arrive sometime before year-end. Peter