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Will the Government Shutdown Kill the Real Estate Recovery?
The economic recovery has been rather slow in 2013. The 1st quarter GDP growth was an anemic 1.1 percent GDP growth, with the 2nd quarter slightly stronger at 2.5 percent. Meanwhile, the real estate recovery has been on fire, reporting nine consecutive months of double-digit year-over-year increases, according to the National Association of Realtors . According to Springfield News-Leader , "The national median existing-home price jumped to $212,100 in August, up 14.7 percent from August 2012." So, how will a government shutdown affect real estate? With more people being furloughed, and with sequestration cuts, will the fuel of the strongest driver of the recovery this year be extinguished? For answers, I emailed Dr. Lawrence Yun, the chief economist of the National Association of
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