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June 26, 2010

HOUSING MARKET MATTERS
Harvard University's Joint Center for Housing Studies has released their "State of the Nation's Housing" report. This report indicates that with houses being more affordable for first time purchasers, along with government tax credits, resulted in more sales of existing houses during 2009. The study discovered as well that a record-high amount of foreclosures are still adding stress to the housing market along with a huge number of home owners.

The study also says that, regardless of a few positive signs during the early Spring months of this year, the housing market will continue to come up against quite a few fairly significant difficulties, as there are many issues that will still weigh a great deal upon it. Some of the issues to be considered are the present high vacancy rates, the extraordinarily large number of foreclosures, the end of the home purchaser tax incentives and ongoing high rates of unemployment.

Historically, the job situation will be the most important issue in determining just how strong the return of the housing market will be. Presently, economists are predicting that the unemployment rate will continue to be elevated; however, if there is either positive or negative growth in the employment realm, relevant housing market numbers would most likely reflect this.