Aan article from CNNMoney.com, reports that according to a new study from the Joint Center for Housing Studies of Harvard University, "The State of the Nation's Housing 2008," the country is poised to see an increase in housing demand over the next decade. Nicolas Retsinas, director of the Joint Center for Housing Studies and on of the study's authors said, "The good news is that we still have a growing population. As long as you have more households, more people are going to need places to live." The Harvard study also found in early 2008, the nation had an 11-month supply of unsold new homes and a 10.7-month supply of existing single-family homes. A 6-month supply of existing homes is considered a buyers' market. In order to reduce the current supply, the market will require price declines, a decrease in interest rates, employment growth, a return of consumer confidence and the revival of accessible mortgage credit.
http://money.cnn.com/2008/06/23/news/economy/harvard_housing_study/index.htm?postversion=2008062303
http://money.cnn.com/2008/06/23/news/economy/harvard_housing_study/index.htm?postversion=2008062303
