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Essay / Research Paper Abstract
This 3-page paper discusses the current state of the housing market in the United States and makes predictions as to the near term. Bibliography lists 1 sources.
Page Count:
3 pages (~225 words per page)
File: AS43_MThousstat.doc
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Unformatted sample text from the term paper:
beginning to taper off. Because the price of housing was so high at one point (along with high demand), the basic economics indicated that demand would eventually fall and so
would prices - and value. Whats been happening recently is that the market has been trying to find the right value (i.e.,
equilibrium) at which the consumer might again enter the housing market. That effort has been further stymied by the fact that more inventory has been coming online, thanks to foreclosures
and banks trying to sell homes. So what does it mean that the housing market has bottomed out? Bottoming out is
probably somewhat optimistic, but some statistics from the National Association of Realtors demonstrate that things are looking up for the housing market. Though existing home sales continued to drop, with
August clocking in at 499,000, the rate at which it dropped has slowed (Existing Home Sales, 2009). Furthermore, in June and July, typically busy months on the market, home sales
actually showed a definite increase from a year earlier (Existing Home Sales, 2009). Another statistic we can examine is the months
of supply, in other words, how many months it will take to work through the current supply of homes. This is a statistic that has been steadily declining. In 2006,
there was 6.5 months of supply; by 2008, that number had jumped to 10.5 months of supply (Existing Home Sales, 2009). As of August, that had dropped to 8.5 months,
which shows that some of the inventory is being eaten up. The inventory figures show 3.6 million homes for sale - down from the 4.3 million from August of 2008
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