A number of economic reports have industry experts saying the housing market may have finally reached its bottom after years of instability, MarketWatch reports.
Recent improvements in consumer confidence, employment, personal income and consumer spending are what is setting of this rise in optimism, according to the source.
Consumer confidence is expected to increase to a score of 72, while jobless claims are forecast to fall to 345,000. In addition, analysts anticipate personal income to rise 0.5 percent by the end of March, while consumer spending could surge 1.2 percent.
Together, all of these factors indicate that the state of Americans' personal finances are significantly improving, and could prompt many consumer to re-enter the housing market in pursuit of bargain deals.
The current ratio between median household incomes and home prices is at an all-time high. Real estate data from the most recent S&P/Case-Shiller Home Price Index found that home prices fell 0.8 percent in January from the previous month. While this is not the best news for current homeowners, it makes the prospect of homeownership for entry-level buyers much more affordable.