First Real Estate Summit discusses NC's recovering housing market
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GREENSBORO, N.C. -After several years of a downturn, the experts said that the housing market has been showing signs of some recovery.
"Housing prices are starting to move up across the country, we're selling more homes," said UNCG Professor Emeritus Don Judd. ''We think that that indicates that the cycle is turning.”
While it's slow, they think it's steady.
"The recovery we're now beginning to see appears to be sustainable. There's pent up demand, slowly beginning to reach the market place." said Lawrence Yun, the Chief Economist for the National Association of Realtors
Those comments came at a gathering of North Carolina Realtors, at what was billed the first-ever Real Estate Summit.
State Commerce Secretary Keith Crisco was one of the speakers.
"North Carolina's going through a transition in its economy, away from traditional industries. Relative to other states we've done, very, very well,” said Crisco
While there are some positive economic signs, there are some worries.
"The biggest issue with the recovery right now is all the uncertainty about what's going to happen in Europe, when are we going to see some resolution, and what's going to happen here in the U.S. with the budget deficit and tax policy," said Wells Fargo Senior Economist Mark Vitner.
Those things that aren't likely to be resolved by the end of the year.
"I'm optimistic we'll stay out of the ditch, we won't fall into another recession, but I think growth's going to remain relatively modest for the next couple of years," said Vitner.
Some experts think that the lower housing prices and interest rates are a rare combination.
"We might not have a chance and that opportunity to buy a house at this kind of price for the rest of our lifetime,'' said Judd.
A sentiment echoed by the National Association of Realtors.
"It's an excellent time to buy a house, never been a better time to buy,'' said Yun.
The event was co-sponsored by Time Warner Cable Media. Time Warner Cable is the parent company of News 14 Carolina.