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StumbleuponEconomist: Housing market may be turning
Sunday, October 05, 2008
Economist Ken Mayland, during a stop in Moraine, served up a good-news, bad-news scenario for real estate industry watchers.
Mayland, president of ClearView Economics LLC, told an audience of 260 that he thinks the housing market likely will turn. He shared this forecast Thursday, Oct. 2, at a breakfast sponsored by KeyBank.
Historically, housing declines have bottomed out at 800,000 units nationally, he said. In August, that number fell below 1 million, leading him to believe the market has hit a turning point.
"Most of the drag from housing on the economy is behind us," he said.
He does expect house prices to sink further next year, though some of that depends on the geographic area in question.
He also said he thinks the commercial construction industry will see a drop in capital spending on new projects, a trend that will cut 0.5 percent from the nation's gross domestic product in 2009.
Husted to speak
at luncheon
House Speaker Jon Husted will discuss changes to and enforcement of the state's prevailing wage law at a trade group's meeting Oct. 9.
The Kettering Republican will address the topic at a luncheon of the National Association of Industrial and Office Properties' Dayton chapter.
The lunch and program run from 11:30 a.m. to 12:45 p.m. at NCR Country Club, 4435 Dogwood Trail.
RSVP by Monday, Oct. 6. To reserve by mail: Kim Bramlage, chapter administrator; NAIOP Dayton Chapter; P.O. Box 522; Dayton, OH; 45401-0522. By phone: (937) 657-5001 or by fax: (937) 278-6957. Via e-mail: naiopdayton@aol.com.
Cost is $25 for members and $35 for non-members.
Staff writer Tim Tresslar covers commercial and residential real estate
.
Contact him at (937) 225-7317 or ttresslar@coxohio.com.
