Robert Mellmann, senior ecconomist for J P Morgan published an article, “The US Housing Market is Finally in a Recovery Phase“.

In the article he points to several areas where his research points to a beginning phase of recovering from our 3 year plunge in the housing market.    The data is a bit mixed, but at least we have some good data to consider going forward.  I’m not one for rose colored glasses.   However, I did live through the dark housing days of the 1980’s when there seemed to be no end in sight.  Back then I can’t say I ever ‘felt’ a recovery.  That’s because recovery is a slow process.   Our housing market has taken a 32% hit nationally and the damage inflicted will take years to heal.  The important point of the article is not that we have healed , but that the downward cycle is hitting bottom.

In my opinion,  we will continue to see a ‘buyers market’ for many months to come.  A plunge of 32% is a historic event we are unlikely to see in again in our lifetime.  If you are a potential buyer you also have an opportunity to buy real estate with historically low interest rates.   And according to Mellman’s data we now have bottom of this vicious cycle.