LA CROSSE, Wisconsin (WXOW)-- The housing market in the Coulee Region is picking up: a sign of economic recovery, according to Dr. Taggert J. Brooks, an associate professor of economics at the University of Wisconsin La Crosse.
Brooks says an increase in home prices is a good indication and the construction industry is likely to follow suit. He says it's due in part to record low interest rates, and the end of the foreclosure crisis. That means the inventory of available homes is declining, meaning prices can go up. A boost in the housing market could have an economic trickle down effect.
"When home prices rise, that then represents an increase in wealth of the people that own homes," Brooks said. "They feel prices rising, an increase in sort of their personal home equity and their personal wealth and that fuels consumption which sort of drives the rest of the economy."
Brooks says it can be hard to determine if this is a lasting trend, but so far it does seem to indicate economic recovery.
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