New US Housing Boom Forms

A new report by Money Journal shows that a new housing boom has formed in the U.S.

Destin, FL, March 27, 2013 --( A new U.S. housing boom is forming and it’s unlike any other sort of boom America has experienced, according to a new report on Money

A combination of factors, including the Federal Housing Finance Agency’s plan to sell-off foreclosed homes to investors in bulk and the Fed’s low interest rate policy are driving the recovery.

Most analysts agree the move to drum-up home sales is artificially manufactured by government policy makers. It could have dire consequences for the housing market after near record low mortgage rates are removed by the Federal Reserve tinkering with the rates it offers banks. However, higher interest rates won’t come until the unemployment rate reaches 6.5%, according to Fed Chairman Ben Bernanke. That is expected to materialize some time in 2014.

Existing home sales have been above year-over-year levels for 20 straight months in February, the National Association of Realtors said. Median home prices have also risen for 12 consecutive months.

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