According to NLIHC, Housing markets in many metropolitan areas appear to be stabilizing. The sheer drops in home prices could be seen if the broader economy does not get better.
The report further explains an updated analysis of Rents and the Price of Housing in 100 Metropolitan Areas, The report finds that in many markets, home prices are once again tracking more closely to rents, a sign that markets are stabilizing. However, the report also finds that in many markets, the local economy is suffering, which could put off the housing market recovery. In the long-term, the housing market will be robust only with a strong economy in which people have the incomes to afford rents and mortgages.
This report further indicates that housing markets are stabilizing at this time, but we need to assist this recovery by creating jobs. Bottom of the market should be used as an opportunity to create affordable housing. Without such proactive efforts to increase the ability of Americans to afford homes, the bottom may prove false.”
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