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Wednesday, 13th June 2007

The State of the Nation's Housing 2007

The State of the Nation's Housing 2007
Source: Harvard University Joint Center for Housing Studies
From press release:

The U.S. housing market continues to struggle under a cloud of sharp drops in housing demand and an oversupply of stock according to this year’s State of the Nation’s Housing report from the Harvard University Joint Center for Housing Studies. After years of setting records, housing starts and sales fell in 2006 and are on track to end this year even lower. Homebuyers on the margin of qualifying for mortgage loans finally pulled out of the market despite the availability of creative mortgage products that helped them keep up with higher house prices. “As buyers left, home sales fell and house price appreciation slowed in some areas and fell in other areas. Investors and second homebuyers also started to leave. The air went out of the inflated housing market as higher home prices and interest rates finally tempered demand,” explains Nicolas P. Retsinas, director of the Joint Center for Housing Studies. “Many buyers are now waiting on the sidelines hoping prices will fall.”


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