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Daily Real Estate News  |  August 25, 2009  |   Economists Say Recovery May be Slow
Some economists are saying that they expect housing inventory and demand to meet sometime in 2010, but they don’t believe that necessarily means a rebound in the market.

"Even after we hit the low, we'll be bouncing along that low for an extended period of time," says David Rosenberg, chief economist at wealth management firm Gluskin Sheff. "The bottoming-out process is [measured] in years, not quarters."

Rosenberg thinks that the uptick in sales this summer can be attributed – at least in part – to investors buying homes to rent. Their purchases are driving down rents, giving potential buyers less incentive to buy their own homes.

Also slowing the market, Rosenberg says, are the vast numbers of baby boomers who would like to sell and move to a smaller home that is less expensive to maintain.

"They're going to be selling into a shrinking pool of trade-up buyers," he says.

Source: BusinessWeek.com, Ben Steverman (08/24/2009)

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