CBIA Predicts Slight Upturn for California’s Housing Market by End 2008
2008 has had a stormy start – both literally and economically. Yet there is a ray of hope in the air looming just above the rainbow in the sky.
A recent report released by the CBIA (California Building Industry Association) is cautiously optimistic, and predicts a slight upturn for the last half of 2008.
CBIA Chief Economist Alan Nevin predicts that the current inventory will burn off, the population will continue to grow, and the credit markets will return to normalcy – driving the slight growth and beginning of a recovery.
The CBIA also mentions that the state’s budget deficit is largely attributable to the housing slump – a situation the state and federal governments are both highly motivated to solve so they can bolster flagging tax revenues.
Is the CBIA correct? Or will this optimistic prediction only fuel more housing developments that will sit empty in Silicon Valley? Only time will tell.
d gordon said:
This report is ridiculous. Nevin is equivalent to Yun – the chief monkey at the NAR. Neither is credible due to the associations they represent and that employ them!
Bottoming out in 08?
The budget deficit largely attributable?
Gimme a break.
January 6, 2008 6:11 PM