July 2010
- Thread starter Amber
- Start date
- Joined
- Oct 12, 2007
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- 586
Pent-up housing demand needs spark of new jobs, study finds
While the housing market has seen hints of revival, it won`t fully recover until the job market rebounds, Harvard`s Joint Center for Housing Studies said Monday.
In its annual State of the Nation`s Housing report, the center pointed to positive signs for housing, including low mortgage rates and more affordable home prices.
But the risks to the market are also clear: high foreclosure rates, tight lending standards, tepid job creation and the recent expiration of the $8,000 federal tax credit for first-time homebuyer.
"The question is, can housing stand on its own two feet without the benefit of the tax credit?" asked Eric Belsky, the center`s executive director.
"Conditions are not particularly ripe for a turnaround, especially with the low level of job growth we`ve seen. The key to the strength of the (housing) recovery is job growth."
Once the job market rebounds, Belsky said, demand for housing may return with surprising force, because there is so much pent-up demand.
Prospective buyers began hanging back several years ago, first as home prices became unaffordable then because they couldn`t get mortgages or worried about their job security.
Read full article here
While the housing market has seen hints of revival, it won`t fully recover until the job market rebounds, Harvard`s Joint Center for Housing Studies said Monday.
In its annual State of the Nation`s Housing report, the center pointed to positive signs for housing, including low mortgage rates and more affordable home prices.
But the risks to the market are also clear: high foreclosure rates, tight lending standards, tepid job creation and the recent expiration of the $8,000 federal tax credit for first-time homebuyer.
"The question is, can housing stand on its own two feet without the benefit of the tax credit?" asked Eric Belsky, the center`s executive director.
"Conditions are not particularly ripe for a turnaround, especially with the low level of job growth we`ve seen. The key to the strength of the (housing) recovery is job growth."
Once the job market rebounds, Belsky said, demand for housing may return with surprising force, because there is so much pent-up demand.
Prospective buyers began hanging back several years ago, first as home prices became unaffordable then because they couldn`t get mortgages or worried about their job security.
Read full article here
- Joined
- Oct 12, 2007
- Messages
- 586
Trouble Ahead? U.S. Housing Inventory Rises in Many Markets in June
The number of homes listed for sale grew in many U.S. cities in June, a month that typically brings a slowdown in listings. Inventory grew amid signs that demand plunged after the expiration of the home-buyer tax credit.
Read full article here
The number of homes listed for sale grew in many U.S. cities in June, a month that typically brings a slowdown in listings. Inventory grew amid signs that demand plunged after the expiration of the home-buyer tax credit.
Read full article here