Housing market to recover in 2012, West Coast to lead the way

The Concord Group, a California-based real estate strategy firm, predicts that national home sales will improve by early 2012, Realtor Magazine reported. The forecast calls for a recovery by the fourth quarter 2010, with some markets improving by late 2011 or early 2012.

The group’s housing report says sales will remain low – around 400,000 units annually – for most of 2011 until the market recovers to about 640,000 units annually by the fourth quarter in 2012.

According to the report, the West coast has the strongest long-term growth potential. Three of its top markets – Orange County, Calif., San Jose, Calif., and Seattle – are in the West. Washington, D.C., is the only Eastern market in the top four.