Baby & Echo Boomers: – How Generational Trends Affect the Real Estate Market?
As the United States economy reaches the end of the first quarter of 2006 the real estate market has proven to be successful, despite a slowdown at the close of 2005. As experts predicted, what appeared to some as a bursting market bubble, is really a simple correction that has restored balance between homebuyers and sellers. According to Realty Times writer Kenneth Harney, OFHEO chief economist Patrick Lawler stated, “despite recent indications that a slowdown may be forthcoming, house price appreciation during 2005 continued to hover at near-record levels.” “While deceleration continues in some areas,” Lawler continued, “appreciation generally is still extremely strong.” Harney also reported that the Office of Federal Housing Enterprise Oversight (OFHEO) “found that the average American house gained nearly 13 percent in value between the end of 2004 and the end of 2005.” “Home building and mortgage industry economists suggested that one reason for the continuing high appreciation rat
