Housing At Bottom, Recovery Slowed By Financial Turmoil

Economist John Tuccillo, president of JTA Associates and former chief economist for the National Association of REALTORS®, told the packed crowd in the closing session of the IAR Convention that the housing market is ahead of the rest of the economy.

“Over 90 percent of residential real estate markets have bottomed out, some are still bleeding, but most have hit the bottom and the foreclosure numbers still coming out are old numbers, what’s happened in the past,” said Tuccillo. “But it the housing market’s recovery will be slower that it should have been due to the stalled economy and the problems in the financial sector.”

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