DALLAS, TX - (January 2009) - 2008 will certainly go in the history books as one of the most turbulent economic times to date and many are looking for signs that a recovery is on the horizon. Harry Norman, Realtors® Housing Trends 2009 takes a look at what noted economists predict for the economy and the housing market on both a national and local level. Of particular note to us in Atlanta, the affordability of housing in the local area remains good when compared to national numbers. The impact of affordability on housing market recovery is yet to be seen however.
“Without a doubt, the stock, mortgage and housing markets made the headlines in 2008. Everyone was hit by the turbulence, but as the winds calm many will undoubtedly look for the silver lining. I believe that in the long run, housing may just be the silver lining everyone seeks. The economic downturn started with housing and it is going to take a return to normalcy in the housing market to turn us around,” said Martha Hayhurst, president of Harry Norman, Realtors®.
“All the turmoil in the housing market does offer a hidden nugget for buyers however. At this point, we have quite a bit of inventory due to overbuilding in the boom years and record foreclosures. More supply than demand equals a drop in prices. This spells an increase in affordability across all markets.”
About Harry Norman, Realtors®
Founded in 1930, Harry Norman, Realtors® is Atlanta’s oldest residential real estate firm with 20 offices and over 1,000 sales associates. The newest member of the HomeServices of America, Inc. family, a Berkshire Hathaway affiliate, Harry Norman, Realtors® joins the nation’s second-largest residential real estate firm with brokerage operations in 19 states and more than 21,000 sales associates nationwide. Harry Norman, Realtors® also achieves international exposure through membership in such exclusive real estate networks as Leading Real Estate Companies of the WorldTM the largest network of independent residential real estate firms, with 650 members representing 4,700 office and 120,000 associates across the U.S. and in over 20 countries.