WTOP radio here in D.C. this morning quoted Stephen Fuller (GMU Center for Regional Analysis) as saying the region's housing market was "tipping in favor of the sellers." There were no qualifiers on the remark, as far as breaking down the whole region into counties.
I'm sure the sellers in Prince William county, with over a year's worth of inventory, are thrilled to hear that.
Oh, and the 10-year-treasury note yield is today the highest it's been this year.
Does anyone really believe this?
Frightful Forecast for Region's Housing Market
May 30, 2007 - 3:48pm
Adam Tuss, WTOP Radio
WASHINGTON -- The forecast for the future of the region's housing market is in -- and it looks outrageous.
If current trends continue, by 2057, the average home in the D.C. area is likely to cost more than $14 million, says Stephen Fuller, director of the Center for Regional Analysis at George Mason University's School of Public Policy.
Even more frightening is the fact that the numbers are based on the current market, taking into account the trend of home prices generally doubling every 10 years and growing by about 7.2 percent annually.
"It will take more than 11 times the average annual income to afford a home," Fuller says. "This will be a totally unaffordable region."