Every year, the Joint Center for Housing Studies of Harvard University puts together a report on the State of the Nation’s Housing. This year’s report was published a few days ago and I thought I would share some of the key findings of the report.
The executive summary states, very clearly, that the national housing report seems to parallel what we have been seeing here in the Tallahassee real estate market. It’s focus on the challenges of restoring demand for housing begins from the start of the housing report:
In the worst housing construction cycle since the 1940s), depressed demand is making it difficult for the market to work off excess vacant units. Restoring demand to more normal levels will take time since so many owners are in financial distress or trapped in homes worth less than their mortgages. The recession has also dampened both immigration and new household formation.
But once new home sales rebound and the economy begins to pick up, the aging of the echo boomers—the largest generation to reach adulthood in the nation’s history—should reinvigorate the housing market.
Summary Of Findings In The Nation’s Housing Report
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