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Improved consumer confidence and steady job growth led to an increase in sales of both new and existing homes, according to the Joint Center for Housing Studies’ most recent State of the Nation’s Housing report.
The Center argues that if the economic recovery is maintained, the generation of “echo boomers,” those born between 1982 and 1995, will contribute one million new households per year for the next decade.
Although growth is expected, challenges still exist. Foreclosure rates remain high and many homeowners remain under water on their mortgages. The Center argues that increased support for affordable housing through changes to the Home Affordable Modification Program and the National Mortgage Servicing Settlement will contribute to a sustained recovery of the housing market.
*Source: Joint Center for Housing Studies, The State of the Nation’s Housing 2012