Word: yun
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...year 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...
...start to pick up. Even though California was the epicenter of the boom and bust, prices have bottomed in many of its markets, especially for entry-level buyers. "Whenever a foreclosed property comes onto the market [in California], usually there are 10 people ready to jump on it," says Yun. The weakest markets include Florida, Las Vegas and Phoenix, which saw the largest pricing gains in the bubble years, as well as Michigan and Ohio, where job losses have been...
...Since the housing peak in July 2006, home prices have plunged 30% on average, with certain bubble markets such as Phoenix, Las Vegas and parts of Florida seeing prices plummet more than 60%. Losses from the housing meltdown totaled $7 trillion at the end of 2009, according to Yun...
...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...
...South were "always suspicious," she says, and most had left relatives behind who could be sentenced to prison or even death for having a defector in the family. "They did not only complain of difficulties finding jobs, prejudice and adapting to life in the south," says Park Yun Sook, a professor of social welfare at World Cyber College in Gwangju who works with North Korean defectors. "They felt guilt all the time and were always scared their relatives might be punished." (See pictures of the rise of Kim Jong...