More Depressing News About the Housing Market

U.S. Housing Rebound to be Prolonged: Harvard Study

By Lynn Adler

NEW YORK (Reuters) - Record foreclosures and limited access to credit will make it harder than usual to rebound from this U.S. housing market slump, the worst at least since World War Two, according to a Harvard University study on Monday.

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This isn’t the news anyone in the real estate industry wants to hear, but I can’t say I’m surprised. My gut feeling is that we will not see a real thriving RE market for another 5 years, or so. That said, I think it’s time we Americans re-evaluate our continual striving to trade-up and take on more debt. Maybe this go-round with a depressed housing market/economy will allow us to ease-up on ourselves and be happy with what we’ve got?

Would you rather have a really big house, or really big life?

Any opinions on this? Please share.

To read the entire Washington Post article paste this link into your browser:

http://www.washingtonpost.com/wp-dyn/content/article/2008/06/23/

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