Economists are pronouncing the downturn in U.S. and Canadian housing is over. The analysis is based on several reports that came out this week; The Teranet–Nationl Bank Report showing a Canadian housing jump of 1.5% in June, the S&P/Case-Shiller composite index showing home prices in the U.S. also bouncing higher, and the U.S. Commerce Department announced new-homes sales rocketing 9.6%.
Source: Canwest New Service Via Canada.com
The worst is over for North America’s beleaguered housing markets, with a steady stream of data out of Canada and the U.S. indicating the recovery is at hand, economists say.
“A similar pattern in both countries is unmistakeably suggesting we’ve not only bottomed in housing, but we’re on the way back up,” said TD Bank chief economist Don Drummond.
Read the full article by John Morrissy “Housing price drop is over: Experts” at Canada.com (August 27, 2009)
For further reading see the article by Kathleen M. Howley “Housing Data Point to Market Turnaround That May Help Economy” at Bloomberg.com (August 27,2009).