How We’re Doing 10 Years After the Great Recession
It’s been a decade since the onslaught of the Great Recession, and the housing market has healed and changed drastically since then. Home prices in many markets have hit record highs—beating their pre-recession levels—and foreclosure rates are historically low, according to Lawrence Yun, Chief Economist of the National Association of REALTORS®. Though inventory shortages continue to plague many housing markets, Yun believes some of the nation’s most overheated will see sales slow down. Many of these markets are experiencing rising prices because of insufficient supply, not due to weak buyer demand, he says.