Multi-Family Boom Will Lead to a Rebound in Homeownership

Many industry experts believe that a multi-family Boom will lead to a rebound in homeownership, according to David Shulman, Senior Economist, UCLA Anderson Forecast and the UCLA Ziman Center for Real Estate.

“…there are many indicators that offer evidence that the housing market has bottomed and a recovery is underway. Despite a regulatory logjam in the process, foreclosures appear to have peaked. Concomitantly existing home sales are now on the rise. After peaking at 7.1 million home sales in 2005, the series declined to 4.1 million units in 2008 and is expected to exceed 5.0 million units in 2013. To be sure about one-third of existing home sales are accounted for by either foreclosures or “short sales,” the steady rise in activity is indicative of recovery. “

– excerpt from the UCLA Ziman Center and the UCLA Anderson Economic Forecast.