The housing market is a year away from improvement, says Steven Preston, secretary of the U.S. Department of Housing and Urban Development.
Preston predicts that it will be “the middle of next year or well into next year” before “we begin to see more consistency in buyers coming back into the marketplace.”
The recovery from the housing crisis in 2009 is likely to be regional in nature, the HUD secretary says.
“The crisis will begin abating in a number of regions of the country. That is what I am hopeful of. But I think it will be more intractable in other regions.” He says, “It is going to be some time” before recovery comes to certain communities in California, Florida, Arizona, and Nevada.
Source: Christian Science Monitor, David Cook (09/16/2008)
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