Existing home sales remain at depressed levels in 2011, as new home sales continue at near record lows, according to a report on the state of housing in the United States, released by the Joint Center for Housing Studies at Harvard University.
The report, "The State of the Nation's Housing 2011," says that vacancies and foreclosures continue to put downward pressure on home prices. Adding to this housing market trouble are three consecutive years of record-low construction levels.
“The state of the nation’s housing is sobering,” said Eric Belsky, managing director at the Joint Center. “Total housing construction over the previous decade now barely exceeds the lowest level of any ten-year period in records dating back to 1974, but vacancies remain elevated because the recession has driven demand down so sharply.”
According to the report, the housing market has shown no signs of a significant turnaround, though the market could shift quickly thanks to a boost in home sales and prices brought about by the 2010 homebuyer tax credit.
A full copy of the housing market report may be obtained online from the Joint Center.
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