In the annual State of the Union address on Tuesday evening, President Barack Obama’s vow to help struggling homeowners refinance their mortgages and improve the housing market offered glimmers of help for the real estate industry.
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In the annual State of the Union address on Tuesday evening, President Barack Obama’s vow to help struggling homeowners refinance their mortgages and improve the housing market offered glimmers of help for the real estate industry.
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Researchers believe that more young adults are moving back in with their parents as a result of the high unemployment rate, unmanageable student loan payments and the unstable housing market, all of which leave millions of young people unable to rent or purchase their own home.
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In an independent study measuring the connection between home values and walkability, CEO’s for Cities noted that in a typical market, a one point increase in Walk Score could be worth up to a $3,000 increase in a home’s value.
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As an economist who writes and speaks frequently about our region’s housing market, I’m asked if I could deliver some good news for a change. I often respond with, “Sure: the good news is that the bad news is a lot worse everywhere else!”
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There is something happening in many housing markets which has been absent for the past several years. Buyers are growing more confident that prices have bottomed out or will do so soon.
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Lawrence Yun, chief economist and senior vice president for research for the National Association of Realtors®, told the Economics Club of the York County Chamber of Commerce that the second half of 2011 should see an improvement in the housing market over the same time last year.
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National and local commentators seem to be filled with welcome optimism regarding the recovery of the economy and its impact on housing markets.
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It seems appropriate in these harsh and uncertain economic times to observe Congressional hearings on the business practices of what were once widely admired executives of American business. When things don’t work out well in their industries, CEOs can expect to be summoned to Capitol Hill to appear at hearings, often for many hours.
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PAR’s consulting economist Dr. Austin Jaffe says price stability and reduced foreclosures are contributing factors needed to stabilize the economy.
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