Thursday, January 28, 2010
By Kim Shindle
Dr. Austin J. Jaffe, PAR's consulting economist (Photo credit: Stuart Leask)
The housing market remains troubled and it may be years before the market levels out, according to Dr. Austin Jaffe, PAR's consulting economist.
Jaffe, who spoke at PAR's Business Meetings on Monday, said, "The new real estate market will be dramatically different but we will not see quite as a dramatic difference in Pennsylvania."
He said many consumers nationwide continue to have unrealistic expectations when it comes to home prices. "In a survey of homebuyers, consumers continued to expect a 24 percent annual price increase," he said.
Nationwide the real estate market is seeing 14 percent of mortgages are delinquent and 25 percent of borrowers have negative equity in their homes, with extremes as high as 65 percent in Nevada, 48 percent in Arizona and 45 percent in Florida. (MORE)
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