Housing Passes a Milestone

[From the Wall Street Journal on July 11, 2012]

The housing market has turned—at last.

The U.S. finally has moved beyond attention-grabbing predictions from housing “experts” that housing is bottoming. The numbers are now convincing.

Nearly seven years after the housing bubble burst, most indexes of house prices are bending up. “We finally saw some rising home prices,” S&P’s David Blitzer said a few weeks ago as he reported the first monthly increase in the slow-moving S&P/Case-Shiller house-price data after seven months of declines.

Read the rest of the WSJ article

The above article discussed the data tending to show a recovering housing market across the country. The positive signs included:

  • The sale of existing homes is up;
  • There is a more normalized inventory of unsold homes on the national market;
  • The percentage of American homes that are vacant is at its lowest in six years; and
  • Construction of new homes is also on the rise.

While economists aren’t always correct, the Wall Street Journal surveyed forecasters and found that 44 of 47 of them believed the housing market has reached its bottom. While the housing market still has plenty of room for continued improvement, this article certainly provided some encouraging news regarding the real estate market on the national level. It adds to similar past posts on this site sharing good news regarding Signs of a Housing Market Recovery and how the Summit County Real Estate Market Improved in May 2012

If you’re interested in potentially purchasing Summit County real estate, now is a great time to get started. Please don’t hesitate to contact Philip with your questions.

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