The U.S. housing market probably will avoid a “double-dip” next year as a recovery depends on job growth, said Susan Wachter , a real estate professor at the University of Pennsylvania’s Wharton School.
A real estate agent near California’s Silicon Valley seeks sellers by combing property records for people who’ve owned their houses for at least 40 years. A Denver-area broker offers half his commission for a listing, while a counterpart in South Florida hosts happy hour gatherings at bars to loosen up homeowners reluctant to sell.
Home prices in 20 U.S. cities climbed in June for the first time since a tax credit boosted sales in 2010, indicating the industry at the heart of the worst recession in the post-World War II era is starting to rebound.
Americans’ drive to rebuild savings and pay down debt may mean the gains from the current mini boom in mortgage refinancing will accrue over years rather than have a more immediate effect on the U.S. economy.
From Manhattan office towers to apartments in Florida to retail properties in Washington, commercial real estate values are rising, defying predictions of a collapse that would drag the U.S. economy back into recession.