Breitbart Business Digest: A Weird Recovery in a Broken Housing Market

for months here in the Breitbart Business Digest. Yet for a lot of people, the housing market still feels pretty lousy because so many cannot participate in the recovery.

Which is not to say that high prices are not playing a role in making the recovery feel like a prolonged recession. Since the turn of the century, home prices are up by around 180 percent, and wages are up around 100 percent, according to Lawrence Yun, the chief economist of the National Association of Realtors. Since the housing bust that preceded the Great Recession,, keeping the total supply of houses low and pushing up prices.

This “lock-in” effect from low interest legacy mortgages is the primary reason home sales are so low.

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