Economists Optimistic about Santa Monica Real Estate Market

While some potential homebuyers may be waiting for the housing market to improve before making the investment of purchasing a property, a new survey shows economists are becoming more optimistic regarding the housing market.

The National Association for Business Economists quarterly survey of expectations for economic factors indicate that forecasters predict modest growth throughout 2012 with a quicker pace in 2013.

NABE economists say housing starts will rise 18 percent to 720,000 units this year and increase again in 2013 reaching 850,000. Residential investment is expected to go up 8.8 percent in 2012, higher than their previous prediction of a 6.6 percent increase reported in February. Their expectations for growth in 2013 also increased from 10 percent to a 10.4 percent rise.

The news of an improving housing market, along with the high affordability offered by low mortgage rates and home prices, should prompt potential buyers to start looking at homes for sale in Los Angeles County and other surrounding areas.