Industry News

Report: Housing market in for sustained decline

UCLA Anderson forecasts slower slide than previously anticipated

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The U.S. housing industry is in for a sustained decline, though signs of a cool-down have been slower to emerge than previously expected, according to the quarterly UCLA Anderson Forecast released Wednesday, USA Today reported. The widely respected forecasting center at UCLA said rising interest rates, slowing population growth, overbuilding and the fact that prices had reached bubble-like heights in some hot areas will drive the decline, according to reports. The report said that housing, which had been a big driver of growth, is contributing little to the economic expansion at present, USA Today reported. The economists said that though a sharper slowdown in housing will hurt the broader economy, it is not expected to push it into recession, according to reports. "The remaining questions are how hard the fall will be and when it will begin," Michael Bazdarich, senior economist at the UCLA Anderson Forecast, said in the report, according to USA Today. "The recent anecdotal evidence s...