(Reuters) – This new year might be the one in which the housing market starts to strengthen, according to the 2012 predictions of several housing industry observers and experts.
Jed Kolko, chief economist at Trulia.com, a real estate search and research website, says he sees rising rents, a humble recovery in housing prices and even some unexpected “hot” spots where he thinks price increases will exceed the average this year.
“Smart cities are hot,” he said in his annual forecast, highlighting Austin, Houston, San Jose, Boston and Rochester, New York, as cities where home prices can be expected to see modest to healthy increases.
Rochester might seem a surprising addition, since the city lost many jobs when the photography colossus Kodak thinned its ranks. Seems things are rebounding; “In Rochester, a center of high-skill manufacturing industries, education levels are well above the national average,” Kolko wrote. “As the recovery proceeds, smart cities are leading the way.”
More here.
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