The real estate market has been through the grinder over the past six years, but it is turning around folks. Here is a video of yesterday’s press conference with Dr. Lawrence Yun, Chief Economist of the National Association of Realtors. Yun highlights the data indicating the increasing strength of our housing recovery.
Homes are selling faster and distressed sales continue to decline. The bank’s “shadow inventory” of distressed properties also continues to decline.
Although sales in certain areas of the western region continue to struggle due to lack of inventory, the rest of the country has shown healthy increases.
Due to very strict loan underwriting standards, the amount of first-time home buyers is low at 31% of the market (normal being 45%). Yun feels this could create a social imbalance of wealth accumulation for the future.
Overall, very good news for our housing market and the economy in general.
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