Housing: Buyer's Market to Continue for Now

by: Tim Iacono

More evidence of a continuing buyer’s market in housing and of a double-dip for home prices comes via this Gallup poll where Americans seem resigned to little improvement in the nation’s property market due to the glut of foreclosures and weak job growth.

When looking back at this, historians will no doubt have a field day with all the efforts by the government to intervene in the housing market last year as Uncle Sam was giving away $8,000 to each new homebuyer and its central bank was buying $1+ trillion in mortgage securities while doing its level best to keep mortgage rates at freakishly low levels. The effect of these actions on the housing market appears to have been only temporary.