Top economist offers hope for housing turnaround in Ohio

by Carl Horst

The nation's top real estate economist gave Ohio's REALTORS a sobering overview of the economic climate, but offered hope for a turnaround to the housing market by year-end during a presentation at the Ohio Association of REALTORS Winter Conference in early January.

The industry, hampered by difficult economic conditions, dampened consumer confidence and declining housing valuation, is weathering the current downturn and focusing on programs designed to reinvigorate the housing sector, Lawrence Yun, chief economist for the National Association of REALTORS, told a packed room of industry leaders.

With the nation's economy currently mired in a recession, housing will play a key role in any recovery effort, he noted. "The depth of the recession is dependent upon whether we have a housing market recovery."

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