State of the Nation's Housing 2011
Joint Center for Housing Studies of Harvard University (JCHS)
Download Document| Date Published | 2011 |
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| Primary Author | Joint Center for Housing Studies of Harvard University |
| Other Authors | |
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| Country | United States |
Abstract
With employment growth strengthening, consumer spending up, and rental markets tightening, some of the ingredients for a housing recovery were taking shape in early 2011. Yet in the first quarter of the year, new home sales plumbed record lows, existing sales remained in a slump, and home prices slid. Tight underwriting requirements, on top of uncertainty about the direction of home prices, continue to dampen homebuying activity. The weakness of demand is slowing the absorption of vacant properties for sale, hindering the recovery.