Good News in the Housing Front

Although the housing market is still struggling through a slump it seems as though it will be booming as big as ever when this slump finally slides away. Harvard University conducted a study and their findings are that the echo boomers (apparently a nickname for those born between 1979 and 1995) will outnumber the original baby boomers by more than 5 million, meaning there will be a swell in housing demand in the near future.

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It is expected that in the next 10 years, as those echo boomers range between their early 20s to late 30s, housing will once again boom as they strive toward their American dream.

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But on the downside, the weak economy and job losses throughout the country are forcing more people out of the home market or into smaller homes. There has also been a reduction in home values across the country that have made some leery about home purchases.

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Another problem with the current economy and the housing market in general was the careless way that people went into the market, purchasing much more than they could afford on loans that were basically designed to fail.

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Hopefully when the market does turn around and perhaps another boom winds up we?ll be looking at home buyers who are more realistic about their home purchases than their predecessors and we can prevent another housing crisis of this magnitude.