Is the housing crash officially over?

Housing prices are still low, and homebuilders' confidence is fluctuating, but one chief economist claims that the housing crisis is officially over. Mark Zandi, chief economist of Moody's Analytics, told The Daily Ticker, "The housing crash is now over...and by this time next year, housing will no longer be a drag for the economy but a tailwind."

A pretty bold statement, especially since a complete recovery could be hindered by the lagging job market. But since home prices are still low, Zandi is hopeful that investor interest due to low housing prices and rising rents will stabilize the housing market.

Additionally, the low interest rates are very attractive - the average 30-year fixed mortgage is 3.88%.

Zandi also expects mulit-family home sales to surpass single-family homes, as these investors are attracted to purchasing inventory for rentals.

In the Northeast Area of Los Angeles (including areas like Echo Park, Silver Lake, Los Feliz, etc.), inventory is quite low in the month of March, so single family homes are outselling multi-family units.

New March numbers from the National Association of Realtors will be coming out later this week, so stay tuned!