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...believe the sector has stabilized enough to continue rebounding on its own, albeit at a painfully slow pace. "It's not going to look like a V-shaped recovery in the housing market. It's going to be one flat, long hockey stick, with anemic growth," says Mark Fleming, chief economist at First American CoreLogic...
...that the government extended it into 2010 and expanded it to include a $6,500 credit for non-first-time buyers. About 2 million families used the credit in 2009, and an additional 2.2 million to 2.4 million will take advantage of it this year, according to Lawrence Yun, chief economist with the National Association of Realtors. Approximately 800,000 of the transactions have involved home purchases that would not have been made without the credit, Yun estimates. (See high-end homes that won't sell...
...home closed by June 30.) Expect lobbying efforts calling for the credit to be extended a second time to escalate as the expiration date draws closer - similar to what happened in the weeks leading up to the first expiration date. But not all experts are on board. Jay Brinkmann, chief economist with the Mortgage Bankers Association, says he would not like to see the program extended a second time. "They work best if they're somewhat rare and short-lived," he says of such programs...
Lawrence Yun, chief economist with the National Association of Realtors, believes the proposal only partially addresses the housing industry's problem. Although it may help reduce foreclosures, it does nothing to stimulate demand for homes. "Stabilizing housing involves two parts. First is to raise the demand so that it eats into inventory. Second is to reduce supply, which means lessening foreclosures. This plan addresses the second. I hope it works better than prior foreclosure-mitigation plans...
...Pentagon study panel is examining how the military would deal with gays if the ban is repealed, and is slated to deliver its findings to Gates by Dec. 1. The Defense chief said he would await that report before deciding if the ban should go. "There is a great deal we don't know about this [possible repeal] in terms of the views of our service members, in terms of the views of their families and influencers," Gates said. Congress, in turn, is likely to delay any action on a repeal until that report is finished. That means the next...