Young adults set to benefit from weak housing market

The distressed home market is a good time for young homebuyers.A recent Washington Post column stated that the weak housing market is set to help many young adults going forward, despite causing tremendous turmoil for many since 2007.In all, close to 8 million homes have been foreclosed since 2007 and housing prices are down 33 percent since their peak in 2006, the article relays, yet, these facts are actually beneficial for younger generations, with home prices now cheap. Housing values dropped significantly, falling $6.3 trillion during 2006 to 2010, according to statistics from the Federal Reserve. However, the article relays that future homeowners are now not responsible for that large figure.The National Association of Realtors' affordability index recently discovered that the current market has the most affordable homes since the index's inception in 1970. NAR economist Lawrence Yun stated that younger buyers “will be able to enter the housing market at bargain prices.”A recent Clear Capital report also discovered that home prices suffered a double dip during April in many regions, meaning Phoenix , Boston and Houston properties, among others, are now available for less.Thus, there's no time like the present to invest in real estate for the current generation of potential homebuyers. ?Courtesy of 2M Realty News

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