Is the national housing recovery finally on solid footing?
Improving national housing numbers are offering reason for hope, but like brokers in the city, experts are reluctant to use the word “recovery,” the New York Times reported, because similar signs emerged in each of the last three years only to disappoint housing analysts. Still, the Times said, with each passing year of improving spring numbers, a full recovery appears more likely.
In April, the Case-Shiller Home Price Index rose on a monthly basis for the first time since the expiration of the home buyer tax credit. Construction numbers on single-family homes has given reason for optimism and sales contracts have also ticked up. Further, indicators of market health that were out of whack during the bubble have returned to normal levels and the government is helping more homeowners refinance and avoid foreclosure. Finally, with the stock market seemingly rising and falling with the sun and interest rates stuck at near-zero levels, investors are pouring money into housing and improving its standing.
But the Times noted that even if a recovery finally has taken hold, it will still be marked by several years of slow growth as the debris clears from the massive collapse. [NYT]