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(EMAILWIRE.COM, June 07, 2013 ) San Francisco, CA -- Don Berge, the founder of Market Graphics and a renowned real estate analyst, told interested individuals gathered at the Southaven Chamber of Commerce Quarterly Luncheon last week that the housing industry is on an upward tick after having slowly rebounded from the devastating market collapse of 2008, which caused the fair market value of many homes to decline drastically and the number of homes bought and sold were significantly affected.
According to Berge, "too many houses in the heartland" for sale following the peak of 2006 and the mortgage and lending crisis of 2007 and 2008 following that peak only exacerbated the problem.
"When we were blowing and going in 2006, building permits were over 9,000. Nine thousand was too many," Berge said.
Thankfully now, Berge said, the housing industry has stabilized.
However, the cost of building materials is rising rapidly, which could translate into higher costs for new construction of homes. Berge noted that lumber and concrete have experienced "double digit" increases since 2008.
New home inventories are at record lows, according to Berge. "We've been building homes at 25 percent of a normal year," he said. "Financing is too tight. High unemployment is also a factor."
Despite the heavily regulated reaction to the mortgage crisis, low mortgage rates are available to those who qualify with satisfactory credit, "making housing more affordable than ever before."
Unlike other recoveries when housing starts often lead the rebound of an economy, this time around, the housing industry has been slower to spring back to life, according to Berge, who is semi-retired. He is a part-time advisor to his son David, whose market analytics firm Realysis released data which shows that the housing industry in the Metro Memphis, Tennessee area has reported a "substantial increase."
The single-family building permits for four quarters ending in the first quarter of 2013 were at 2,162 compared to the average 1,630 for the previous four quarters, which reflects an increase of over 33 percent.
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