Boost in 2010 from stimulus now ‘killing’ housing market
“Call it a stimulus hangover.
In 2010, Lawrence’s real estate market started to show signs of life as tax credits for first-time homebuyers — part of the federal stimulus package — did boost sales.
But now as numbers for the first half of 2011 are released, it is clear that Lawrence’s real estate market is no longer stimulated.
“The stimulus created an artificial boost for awhile,” said Gary Nuzum, senior vice president of McGrew Real Estate. “We knew it would help us last year, but we also knew it was stealing buyers from us in future years. And it has. It is killing us right now. I never thought it would hurt us this much but it has.””
Via LJ World