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Wednesday, March 24, 2010
Housing Impeding Major Economic Recovery
This New York Times article is the latest report to indicate that the housing market is still in bad shape and will drag down or impede any significant economic recovery for the near future. It only makes sense that would-be sellers were (and still will be) waiting out the "bad times" before listing their houses. Also remember that credit is still much more difficult to come by; this impedes many buyers and prevents many homeowners from listing their homes because of their uncertainty over being able to close on their new house.
One other fact to remember: "Improvement" on a year-over-year basis is relatively easy to achieve, when the "base year" performance is horrid as it was from 2Q08 to 2Q09.