Jobs, Lending Key in Market Recovery…..duh!

Low interest rates are not enough to bring the market into full recovery, real estate prognosticators say. Kenneth Rosen, chair of the Fisher Center for Real Estate at the University of California, Berkeley, points to pent-up demand and cheap loans as pluses, but would like to see the Fed help community banks get back on their feet and resume lending. Unemployment is another enemy of a real estate recovery. Only 1.1 million of the nearly 8.5 million jobs wiped out by the recession have been added back since January, Rosen said. James Saccacio, CEO of RealtyTrac, says foreclosures are also likely to be a big factor until 2014.

Source: Inman News, Matt Carter (11/23/2010)

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