Some blockbuster housing numbers were released yesterday, raising the happy possibility that a housing recovery is finally on its way. According to the Census Bureau, housing construction starts rose an impressive 15 percent in September, to their highest rate in four years.
Housing prices are also creeping up, which may be good news for the economy, but bad news for entry-level buyers in Southern California who have been hoping to get in the market for the first time while the getting was still good.
Are entry-level buyers about to miss the boat, as prices go up? Are we seeing a bit of a pricing frenzy at the entry-level due to shortage? If so, might it be better to wait for more normalizing in prices? Or is this still a great time to buy?
Stuart Gabriel, professor of finance and director of the Ziman Center for Real Estate at UCLA
Matt DeBord, KPCC Reporter; writes the DeBord Report KPCC.org