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According to Howard, the housing market will improve. History has shown the industry’s cyclical nature and overall long-term growth. “With very few exceptions in the Pacific islands where a volcanoes happen, they’re not making any more land. As long as there is a limited quantity there will be increased demand as long as we keep growing in population,” he said.

The collapse of the subprime credit system, coupled with the understanding of that industry’s complicity in bringing about this current crisis, should solidify the financial side of the housing industry.

The demographic numbers in the United States are also a cause for optimism. According to the NAHB, the country will need 20 million new housing units in the next 10 years. “It’s going to be a steady, gradual climb, and we should be fairly stable,” said Howard.

It’s also a promising time for buyers, especially first-time buyers. “Prices are down, the choice has never been greater in the past five to seven years, and builders want to move inventory. I don’t know why anyone would want to wait,” said Howard.

 

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