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Rocky Mtn Housing Market Will Bounce Back After CA and NV, Idaho Statesman
Analysts: Economy will rebound | Business | Idaho Statesman
Analysts: Economy will rebound
Missoula Mont. - An economist who two years ago predicted the burst of the real estate
bubble says Americans need to calm down, wait out a recession that should end by
early 2010, and be ready for the opportunities associated with downturns.
By Dan Popkey, Oct 25, 2008, Idaho Statesman
Christopher Thornberg returned Friday to a regional economics conference
where he presaged the meltdown in 2006 to reassure listeners that for all the
pain, good will follow crisis.
"Remember, we were in an economy that was on an unsustainable path," said
Thornberg, founding partner of Beacon Economics in Los Angeles. "This was a
break, and as a result of that breaking those imbalances should be removed."
Thornberg spoke at a real estate and development conference sponsored by New West, a Missoula-based Web site that covers the Rocky Mountain region. The
conference drew more than 300 people, including many from Idaho.
Among them was David Eacret, a real estate economist from Sandpoint, who
predicted real estate prices will bottom out in late 2009. Eacret said "urban
refugees" will again flow to Idaho and other Rocky Mountain states. "People do
want to live here," he said, citing an 81 percent increase in manufacturing jobs
in Bonner County in the last decade.
But high-end real estate in "amenity" communities like Bonner and Valley
counties is vastly oversupplied. In one master-planned community in Bonner
County, Eacret said, not a single house has sold in 2008 in the $800,000 to $1.4
million range, and the builder is out of business.
