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Thursday, March 07, 2013

Zelman: "Nirvana for housing"

by Calculated Risk on 3/07/2013 03:15:00 PM

Analyst Ivy Zelman was one of the few to correctly call both the top and bottom for housing (Tom Lawler and your humble blogger were also correct). Today, on CNBC, Zelman made several very positive comments on housing:

"I think we are in Nirvana for housing."

"I'm probably the most bullish I've ever been fundamentally [on housing], and I'm dating myself, but I've been around for over 20 years and I've seen a lot of ups and downs".

[We are in] "the first or second inning of the fundamental recovery that could be five to ten years in duration ..."

"I think home prices could go up for four to six years in duration ..."

CR Note: Obviously I'm also very positive on housing. And I'm positive on the overall economy too -  and a key reason is, historically, housing is the best leading indicator for the economy.  In the Business Insider interview late last year, I said: "I’m not a roaring bull, but looking forward, this is the best shape we’ve been in since ’97". Obviously the economy is still sluggish, and the unemployment rate is very high at 7.9%, but I was looking forward - and housing is one of the key reasons The future's so bright, I gotta wear shades.