Newswise — The U.S. housing market slump has hit bottom and is poised to rebound, said University of Alabama at Birmingham (UAB) Assistant Professor of Finance Lary Cowart, Ph.D.
Cowart, interim chair of the Department of Finance, Economic and Quantitative Methods at the UAB School of Business, has primary research and teaching interests in real estate and business valuation as well as real estate asset management. He is an American Society of Appraisers accredited senior appraiser and a state certified general real estate appraiser with extensive consulting experience.
Cowart is ready to offer commentary on:"¢ The housing slump is at its bottom."Some analysts would argue that there is no decisive indication the market has hit bottom, but for all purposes we are there. If the slump extends, it won't be much worse than it is now, so let's just call it a bottom," Cowart said."¢ First time home buyer offered incentives."The big story this summer in real estate has to be the first-time home buyer tax credit. There is free money out there for first time buyers, $8,000 on the table for the taking," Cowart said."¢ First time home buyers are industry targets."The industry is targeting first-time buyers, as it should be, because interest rates are at historic lows. As a result, homes at lower price points are selling well, helping to buoy the market," Cowart said."¢ Homes at high price points will be a tough sell until the winter."High priced homes will continue to drag on the market because the economic fears are driving many to stay put, resist extending their expenses and wait out the recovery. So I don't see high-priced-home sales picking up momentum until at least the winter," Cowart said.
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