Jun 13 2008 1:43PM | Permalink | Email this | Comments (1) |
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Wall Street housing stock analyst David I. Goldberg of UBS Investment Bank acknowledges that housing is a local business, not national, and that there are likely to be big differences in rates of recovery among the many local markets that make up the U.S. national housing market.
     He did an analysis of 13 markets across the country that weighed housing affordability, for-sale housing inventories, as well as macroeconomic and demographic trends. On this basis, he decided Texas and Atlanta will lead the recovery--and Florida, inland California, Phoenix and Las Vegas won't.
     None of this should come as a surprise to builders in any of those markets, because the top markets are already showing more life than California and Florida. They never had the extreme runups in home prices in Texas, Atlanta or Charlotte, so those markets will return to normalcy faster. Don't tell Wall Street, but it's already happening!