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Is the housing market close to a tipping point?

by admin on April 19, 2012

Wells Fargo CEO John Stumpf said the housing market is close to a “tipping point” at which it can take off.

“When you have the dynamics of higher rental rates and lower home values at great financing rates, there’s a point in time where the market’s going to clear and you’re going to see improvement,” Stumpf said.

Some markets, he said, such as Texas, Northern California and Washington, D.C., already have reached that point.

Job growth in January and February was some of the strongest since the Great Recession, and the unemployment rate has fallen to 8.2 percent, the lowest since January 2009.
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