After the last presidential election in 2008, foreclosure filings had increased 81 percent over the previous year and home sales were down nearly 42 percent from record highs in 2005.
Each year couples make up the largest portion of home buyers, and according to the 2012 NAR Profile of Home Buyers and Sellers, the percentage of these buyers has been increasing.
According to NAR Chief Economist Lawrence Yun, the steady recovery is expected to continue over the next few years, barring further tightening of mortgage credit availability or the much discussed “fiscal cliff.”
Commercial real estate is making a comeback.
Congratulations to Allison and Aaron Smith, the official winners of HouseLogic.com’s “Boost Your Roost” contest!
Despite an increase in home prices, NAR’s Housing Affordability Index suggests the national median priced home was more affordable for a median income family by August 2012 than it was a year earlier.