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A Balanced Housing Market

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Ten years ago the housing market was hot. Four years ago it was too cold. Now, according to The New York Times, the yo-yoing insanity seems to have come to an end. By a wide range of measures, nationwide home prices are balanced when compared with incomes, rents and other fundamentals. Buyers are comfortable spending what they can afford given their income and savings.

“The market is coming back, but we’re not having astronomical growth,” said Thomas O’Bryant Jr., the chief executive of the Greater Tampa Association of Realtors. “We’re having the kind of growth that is going to be sustainable, and any time you have steady growth it’s much better than having bubble growth.”

Of course, each local market has its own dynamics. Analysis by Fitch, which examines home price growth movement across the country on a quarterly basis through its U.S. sustainable home price model, suggests that there are signs of excessive home process in the Bay Area and other coastal markets, reports The Times. Underpricing continues in parts of New England and the Industrial Midwest.