There has been strong growth in housing sales during our 7-year recovery from the Great Recession in 2007-2008. Just before the recession new and existing home sales were at more than 8.5 million a year, but then about 10 million homeowners lost their homes through foreclosure. Without a doubt, the real estate market is cyclical, and today we are hearing many “armchair” analysts exhorting that we are approaching “a new housing market bubble.”
Lawrence Yun, the chief economist of the National Association of Realtors, recently addressed this analysis and stated “Year-to-date homes sales are up 6.3 percent and prices in May were 7.9 percent higher that a yar earlier. The trends are expected to stay positive and are likely to boost business dollar volume by as much as 15 percent in 2015. These statistics don’t even inclue new-home construction, which is growing at a strong clip as well.”
http://www.johnhamiltonhomes.com/fine/real/estate/blog/20923
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