Alyssa Katz on the Housing Crisis, Part II listen07/23/09 Mitch E. Perry
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The U.S. housing market “appears to be healing”. Those were the words of Lawrence Yun, the chief economist for the National Association of Realtors, speaking after the organization’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. That’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 Katz’ new book, “Our Lot: How Real Estate Came to Own Us”. In the 2nd part of our interview with the New York City based reporter, we ask Katz why news of the subprime crises wasn’t apparent to most people until 2007, though according to her book the problems with such financing were well know by the early 1990’s.