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National Housing Market Returning to Normal, Say Trulia
|Though multiple housing and economic reports indicating rising home prices and increased consumer confidence, many economists say it will be awhile before both return to levels considered normal. A new report from Trulia reveals the housing market is improving quickly, as the combination of reports show mostly positive shifts.
Tuesday, December 11th, 2012
Though multiple housing and economic reports indicating rising home prices and increased consumer confidence, many economists say it will be awhile before both return to levels considered normal. A new report from Trulia reveals the housing market is improving quickly, as the combination of reports show mostly positive shifts.
Data from Trulia's Housing Barometer shows existing-home sales are on the rise, foreclosure rates are falling and construction starts have increased throughout the last three months throughout much of the country. Using information from the U.S. Census Bureau, the report shows construction starts increased to a new record high for the second month in a row, as starts were up 4 percent from the previous month and leaped 42 percent higher when compared to October 2011. When comparing these results to what is considered normal, construction starts are 41 percent of the journey back to stable levels seen before the housing market slump.
With improving economic factors, including a jump in job opportunities, homeowners have likely been better able to keep up with their monthly mortgage factors, as illustrated in the recent decline of delinquencies. information from Lending Processing Services' First Look shows the foreclosure rate decline in October, as the number of properties facing foreclosure fell to 10.64 percent from 11.27 percent. Trulia notes this is also down on a year-over-year basis, as 11.88 percent of homeowners struggled with housing expenses. Matching the return to normalcy of construction starts, the barometer shows the joint rate of delinquency and foreclosure is also 41 percent back to normal. The rate was also the lowest recorded in four years.
After posting a slight decline in existing-home sales between August and September, Trulia cites the National Association of Realtors, noting home sales were up 2 percent on a month-over-month basis in October. According to the Housing Barometer, sales have are 59 percent closer to the level considered normal, or pre-bubble.
When combining all of these factors, Trulia found that the housing market is almost halfway back to normalcy, with a 47 percent reading. According to the report, the measurement has increased from a 34 percent return to of normal housing market factors to 47 percent.
National real estate trends have a major impact on the real estate market on a daily basis. Keeping up-to-date on the latest news and notes posted by GL Homes can make sure those looking for South Florida homes know exactly how the current market will affect them.