The residential real estate market appears to have been one of the few encouraging areas within the U.S. economy during the second quarter.
While I observed many positive reports with respect to existing home sale prices, pending home sales, inventory and initial building permits, I still believe that it will take several years for the housing market to fully recover and work through the entire excess inventory that remains in the system.
It is also very likely that pre-recession housing values may indeed prove to be the peak for many areas of the country for years to come. Read more
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