A new normal for real estate?
The bad news continues to get worse. With existing home sales experiencing a record decline and dropping way beyond what all economists expected, who knows when the housing market will recover, if ever. Everyone, from politicians and government officials to underwater homeowners and developers, are desperately following every bit of real estate data that comes out, looking for any signs that point to a brighter future.
Many experts say that real estate will not get better until unemployment improves. However, some economists also say that a higher than average unemployment rate may be the new normal. It will not be above 10%, like it is currently, but it may never get back down to the average of 5%. If that is the case, could the current deflating, stagnant housing market be real estate’s new normal?
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