Real Estate: A Beacon of the Economy
“The housing market is clearly superior this year compared with the past four years,” says Lawrence Yun, NAR’s chief economist. “The latest increase in home contract signings marks 13 consecutive months of year-over-year gains.”
Consumer confidence, a number economists look at to predict the vitality of the future market, is greatly impacted by the improving housing market as home equity still accounts for over 16% of household net worth.
Source: “Will Housing Lead A U.S. Recovery?” Forbes (Aug. 27, 2012)