Wednesday, May 16, 2007

Benefits to Current Market

Lawrence Yun, National Association for Realtors senior economist, says one benefit for the current market is the disappearance of speculative behavior, which contributed to abnormal price growth. “Home buyers today are purchasing for the long term, generally with a realistic expectation of modest gains over time,” Yun says. “Housing first and foremost is shelter. Second, it’s a long-term investment that slowly builds the greatest amount of wealth for most families. It’s good that we’re getting beyond the tendency of some buyers to view housing as a temporary asset to accumulate short-term wealth, which is not to be expected in a normal market.”

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