The lessons learned from the so-called “Great Recession” will be many and the housing market is no exception. A new report from CoreLogic says the housing market was the “Comeback Kid” for its evolutionary role during our current economic expansion. They attribute stable job growth, mortgage funding and underwriting for the housing market’s recovery from its historic crash. Their report digs further into these factors and analyzes the market’s performance during our current period of economic expansion.
“Homeownership is considered a crucial step to wealth accumulation. However, the Great Recession tested this long-held belief.”
“…In addition to a more encouraging market, changes in homes and buyers have made flipping more sustainable – professionals are flipping older homes with the median age of the homes being 39 years.”
Key takeaways:
- The number of homes with negative equity has decreased
- Total home equity hits new record
- Since 2010, the housing flip rate has increased significantly
- Strong recovery for home prices and rents
