Mischer News

Forbes.com gathered economic experts Christopher Hyzy of U.S. Trust, Bernie McSherry of Cuttone & Co., and Carol Pepper of Pepper International in late December to discuss the prospective Housing Market in 2010. The three offered blunt yet hopeful future-telling, including special encouragement to young families seeking homes.

Pepper noted that she sees those in the higher end of the market waiting and expecting a market recovery, while those in distressed markets are in fact buying. McSherry stated, "the winners right now are young folks out there, young people ow are starting families," citing a 4.75% mortgage rate that morning and then comparing it to a 17% mortgage rate when he was "getting started" in his life. "Not only are prices low, but financing is available. So I think people have got to get out there and take advantage of that."

Hyzy offered that the residential market is slightly ahead of the game (over commercial property), despite taking the most pain.

To sum, the group theorized that there will be definite changes in patterns of buying and selling due to caution, but this caution is a positive, and the overall motion of the market - especially in residential property, is on the up-and-up.

Source: Forbes.com http://www.forbes.com/2009/12/29/commercial-real-estate-intelligent-investing-housing.html