Existing home sales remain depressed and new home sales are at near record lows, according to The State of the Nation’s Housing. The report was released today by Harvard University's Joint Center for Housing Studies.
Elevated vacancies and foreclosures continue to place downward pressure on prices, the report states. Where foreclosures are concentrated, property markets are in turmoil. Just 10 percent of neighborhoods across the U.S. account for nearly half of all foreclosures in 2010.
Read the report online (PDF).
The State of the Nation’s Housing is released annually by the Joint Center for Housing Studies. It provides a periodic assessment of the nation’s housing outlook and summarizes trends in the economics and demographics of housing.