Have We Entered A Housing Recession

Performance Property Real Estate Question

Q: What is a housing recession and are we in one now? Charles, Berkeley Heights, NJ

A: An economic recession is generally defined as two consecutive quarters of declines in Gross Domestic Product (GDP). A housing recession occurs when home sales decline for six straight months. Housing sales activity has in fact declined for six consecutive months, so yes we are currently in a housing recession. Nevertheless, homes continue to sell because there are still more buyers than there are sellers in most local real estate markets. Thanks for your question, Charles.
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