Word: yun
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Dates: during 2010-2019
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That all ended with the bursting of the property bubble, as home prices fell by nearly half. Today new homes sit vacant with dead lawns and boarded-up windows. Lawrence Yun, chief economist for the National Association of Realtors, calls the Inland Empire a "ground zero" for the nationwide housing bust. To first-time home buyers, though, its blighted cul-de-sacs appear as promising as the orange groves did to Dust Bowl refugees. Armed with an $8,000 tax credit and low mortgage rates, they have flocked to cities like Riverside, where auctioneers sell off foreclosed properties...
...hunting here is an exercise in frustration. Banks have been slow to put properties on the market, sparking bidding wars among buyers. Overwhelmingly, the winners of these clashes are investors, who have been snapping up homes with high all-cash offers. "For the home seller, cash is king," says Yun. "First-time buyers are at a disadvantage...
Since the housing market's peak in July 2006, home prices have plunged 30% on average, with prices in some markets, such as Las Vegas, Phoenix and parts of Florida, falling more than 60%. NAR's Yun estimates home-equity losses from the housing meltdown totaled $7 trillion...
...record 3 million homes received foreclosure notices in 2009, according to Lawrence Yun, chief economist with the National Association of Realtors (NAR). He expects a similar number this year...