Alyssa Katz on the Housing Crisis, Part II listen07/23/09 Mitch E. Perry
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The U.S. housing market â€œappears to be healingâ€. Those were the words of Lawrence Yun, the chief economist for the National Association of Realtors, speaking after the organizationâ€™s new report showed re-sales of homes and condominiums rose 3.6% last month, the highest level since last October.
However, the report did say that distressed properties accounted for nearly a third of such sales. Thatâ€™s not that different than a month before, with the median price now dragged down to $181,800.
Yun said that inventories would have to be at a 7 month supply to get price stabilization.
The numbers were even better in the Tampa Bay Area, where the Florida Association of Realtors said home sales increased 21 percent from a year ago.
There is no finer a chronicle of how the U.S. fell into its housing crisis than Allysa Katzâ€™ new book, â€œOur Lot: How Real Estate Came to Own Usâ€. In the 2nd part of our interview with the New York City based reporter, we ask Katz why news of the subprime crises wasnâ€™t apparent to most people until 2007, though according to her book the problems with such financing were well know by the early 1990â€™s.