8/6/2019 Housing Article

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Housing shifB our habchanses force$ by t\e *#1"*"T,::*;'|xfi.f3"#5recession wont recede .riai"g "a"rts back to live withouicklv. economists say their parentsL r / r lhree economNm at tnlsweek's National Association ofReal Estate Editors conferencesaid Friday that those trendscould affect the residirntial realestate market for years to come.And that double dip you've

Housing prices are falling, af-ter a brief period of what lookedlike stabilization late last year,but all three economists said thehation isn't experiencing a dou-ble dip. "We never hit bottom inthe first place," Dotzour said.Dotzour and Smith said gov-ernment intervention, such astax credit incentives for buyersand failed mortgage modifica-tions, made things worse in theIong run."We like capitalism on thewayup and socialism on the wayflovm," Dotzour said. "Andwe're paying for it now."

June,i8,20ll

BY,SHANNON BEHNKENThe Tampa Tribune

SAN ANT0NXO, lbxas .- Thedovtrnturn in the economy haschanged the way people live andHousing

From Page 12011, compared with last year.During the next couple ofyears, 1.2 rnillion to 2.2 millionpeople will transition from own-ers to renters, Humphries said.Humphries' other panelists atthe Wednesday-to-Saturciayconference, Jed Smitli, an econ-ornist with the National Associa-tion of Realtors, and Mark Dot-zuur, N) econornist with theTexas A & M Real Estate Center,agreed,

been hearing about in the hous-ing market? Never happened.The market's still on its waydovun, they agreed.The sluggish job market, fall-ing home prices and persistentforeclosures have driven up de-mand in the rental market, espe-cihlly in hard-hit places like theTampa Bay area, said Stan Hum-phries, an economist with Zil-Humphries said the govern-ment spent $15 billion to$20 billion on tai credits, and"we're paylng all that bhck."The bright side of this contin-ued dpvrnturn is that multifami-ly developers will benefit, theeconomists said.Multifamily housing starts areup, and developers are prepar-ing for an additional increase indemand, Humphries said. "As foreclosures increase andare resold to residents raiherthan investors, prices will stabi-lize. \Mhen that happens, hesaid, single-family demand will

State's May iobless rate l0.6VoLowest since 2009. Added the mostnonfarm jobs in U.S. Business, Page Ilow.com..Foreclqsed homeorrrmers areoften forced into the rental mar-ket. More grown children aremoving in with their parents,and more elderly people areincrease, too.But it's unclear how long itwill take for that to happen,Dotzour said."Why would a bank waurt 24mnnths to start the foreclosureprocess?" he said.Banks are still taking too longto foreclose, Dotzour said, add-ing that the market won't bestable until all the foreclosureinventory is reabsorbed into themarket.However, when things haveimproved, Humphries said, thehousing landscape in most met-ropolitan areas will look differ-

moving inHumphriesThere's athan one fgether to hhe said" Thdemand wrental ratesphries, whowill increas

ent. That'said, in pBay area,thousandsoutskirts p"Peoplecities andHumphriehousing sdon't speaThat maopment nhe said.sbehnken@ta(8r3) 25e-780Twitter: @TB