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Micro-Economics - Essay Example

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Demand: Why Is Housing Hurting?’ of October 18, 2011, posted on the Wall Street Journal, the author, Mr. Nick Timiraos, questions the forces bringing about the supply-demand imbalance and confusion. The author starts by exclaiming,…
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Download file to see previous pages... He also traces the confusion to the non-availability of attractive homes at many parts of the country, a case that is making the available buyers lack the houses they could want for purchase.
This view was however challenged, by chief Economist Paul Dales, arguing that, since 30 years back, there has been an excess supply of one million homes, available to be traded. He further cites the poor economic situation, as the cause for the decreased level of home purchases in the past. The author cites another problem, which could be hampering the supply-demand stability of the home market, as the acutely decreasing home prices. From the different accounts, the debate ends with no clear definition of the problem facing the homes’ market in the U.S (Timiraos 1). However, the author integrates the different versions of the explanations, into the causes for the confusion facing the US homes’ market. These include the availability of many homes at the wrong places, where customers are not willing to buy, which is the result of the housing boom; the overpricing of the many homes available for sale – an effect of the declining inventory; and the short sale cases, which make up the bigger part of the market.
The economic concepts illustrated through the information include the concept of demand, where the shifts in the demand curve are depicted through the changing preferences of buyers, where the case is that, despite the availability of about a million homes for sale, the buyers cannot find the homes they want to purchase. In the area of buyer expectations, the buyers are not willing to buy the homes, which are located at the far-flung locales. The concept of demand is clearly depicted through the case of the inflated home prices, of the homes that are available for sale, as a result of the declining inventory. This case is thus, leading to decreasing demand, in response to the increased prices. The ...Download file to see next pagesRead More
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