Prepare For Long, Slow Recovery
MADISON-Despite some really good economic signs overall, the housing market is going to take a very long time to recover — and may never get back to where it was during the boom.
"It's going to take a long time for housing to come back, and it's going to be a very, very long period of time before we get back to where we were," CUNA Economist Mike Schenk said. "Even though we basically saw housing prices go up for 40 years, when you account for inflation, you can see that even during that time, there was a pretty regular cycle of ups and downs. It's usually four to five years up and then four to five years down. What we just went through was basically 10 years of up, so we can expect 10 years of down." This is the second installment in an ongoing series on mortgages. To see the previous stories in this series, go to www.cujournal.com and click on the mortgages tab in the left-hand navigation bar.