UCLA: Home prices have hit bottom

Housing has reached its landing pad. Prices have hit bottom according to the UCLA Anderson Forecast for September.The forecast also predicts that new home construction is likely to pick up in the next two years.

“Now that prices have adjusted to levels which make existing homes more affordable, sales are increasing and conditions are becoming ripe for new residential construction,” wrote Jerry Nickelsburg, a senior economist with the Anderson Forecast and the author of the California economic outlook.

Source : Lasner