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Lynchburg economic summit reveals positive signs in the housing market

Lawrence Yun, Chief Economist and Senior Vice President of Research for the National Association of Relators, was in Lynchburg Tuesday for an economic summit at the Kirkley Hotel

April 10, 2012|Tim Saunders | Reporter/Lynchburg Bureau Chief

LYNCHBURG, Va. — The housing market is showing more signs of recovery.

That's according to the Chief Economist and Senior Vice President of Research for the National Association of Relators.  Lawrence Yun was in Lynchburg Tuesday for an economic summit at the Kirkley Hotel.

He told Lynchburg area realtors that more buyers are coming into the market.  Nationally, he's also seeing a rise in the number of homes that are selling.

Yun believes 2012 will continue to be a strong year for real estate.

"Given the job growth, rising rents, and stock market recovery, it's inevitable that there will be even further increases in home sales," said Yun.

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Yun says the housing market is still posing a few challenges.  New home construction remains at a standstill, but he believes real estate sales will get back to a healthy level within the next two years.

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