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Collapsed housing market set to help young adults

The weak real estate market is a great avenue for young homebuyers.

The weak real estate market is a great avenue for young homebuyers.

According to a recent column in the Washington Post, while the housing market crash has affected many of the country's residents for the worst since 2007, it is set to help many young adults going forward.

The article states that roughly 8 million homes have been foreclosed since 2007 and housing prices are down 33 percent since their peak in 2006. While this is troublesome for current homeowners seeking relocation because of their unaffordable mortgages, this is actually a positive for younger generations, as prices are cheap.

During 2006 to 2010, housing values plummeted by $6.3 trillion, according to statistics from the Federal Reserve. The article relays that this is a large figure the current generation of future homeowners will not be responsible for.

According to the National Association of Realtors' affordability index, the current homes on the market are the most affordable since the index's inception in 1970. NAR economist Lawrence Yun stated that younger buyers "will be able to enter the housing market at bargain prices." Furthermore, when home prices do rise, the increases will parallel the income gains for these buyers, which will decline any greater burden for potential buyers.

Thus, as the article summarizes, if moving is a priority for young adults, there's no time like the present to invest in real estate.