Breaking News

Greenspan credits housing role in economic health

March 7, 2002
/ Print / Reprints /
ShareMore
/ Text Size+
WASHINGTON--Federal Reserve Chairman Alan Greenspan credited the real estate and mortgage businesses with leading the country's economic recovery.

Testifying before Congress, Greenspan pointed to steady home sales during an unusually mild winter and a mortgage refinance boom fueled by low interest rates. This, he told Congress, were factors keeping the recession mild and, now, bringing it to a close.

According to the National Association of Realtors (www.realtor.org), the residential property boom has shown no signs of weakening following the brief lull in activity following the Sept. 11 attacks. The NAR recently reported sales of previously owned homes were up nearly 15 percent in January from the previous year.

Analysts attribute the demand to the desire to diversify and balance investment portfolios, taking some of the weight away from the volatile stock market and redirecting it into property and other alternatives. Additionally, the housing boom is the result of low interest rates as well as more flexible financing that affords greater homeownership opportunities to minorities, immigrants, senior citizens, and first-time buyers.

The NAR is the world's largest professional association. Founded in 1908, it has grown from its original nucleus of 120 to more than 750,000 members today.

Did you enjoy this article? Click here to subscribe to i Cleaning Specialist Magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

The 2013 Experience Convention & Trade Show

A look back in photos at the 2013 Experience Convention & Trade Show in Las Vegas.

THE MAGAZINE

ICS Cleaning Specialist Magazine

cover_image

2014 April

Take a look at the April 2014 issue with features on air movers, going green, carpet cleaning and new products & technologies.

Table Of Contents Subscribe

Social Media

Social media is a good way to regularly keep in touch and interact with current clients and reach potential ones. What social mediums do you use in your cleaning/restoration business?
View Results Poll Archive

THE ICS STORE

Get Paid! book cover
Get Paid! (ebook)
Over 30 authors – over 40 articles…from attorneys, contractors, consultants, instructors and others, both inside and outside the restoration industry. R & R, C & R and Cleanfax, opened their archives and gave us the best they had, other chapters were created just for the “Get Paid!” book and its readers. And every one of them has ideas for how to get paid what you are owed.

More Products

ICS DIRECTORY AND BUYING GUIDE

Director_Buyer.jpgThe premier resource and reference guide for the cleaning and restoration industries.

Click here to view

TRUCKMOUNT EQUIPMENT AND ACCESSORIES GUIDE

Truckmount.jpgEquipment listings and specifications from the leading industry manufacturers.

Click here to view

STAY CONNECTED

facebook_40.png twitter_40px.png youtube_40px.pngcrc logo