Housing Market is 60% (almost) Back to Normal!
Tracking
‘back to normal’ is an interesting figure as the ultimate idea of what
is normal is always changing. Trulia.com did their best to normalize the
housing market by looking at
With
using the highest, pre-bubble standards, and the worst recession
numbers and averaging them out, Trulia reached what they defined as
their ‘normal’ real estate figures. The results of this comparative
analysis are as follows:
- Construction Starts are Sky-Rocketing
“Starts
were at a 1,036,000 seasonally adjusted annualized rate – up 7%
month-over-month and 47% year-over-year – which is the highest level
since June 2008. In March, 38% of new starts were in multi-unit
buildings, compared with the typical level of 20%. Construction starts
are now 55% of the way back to the normal level of 1.5 million from
their low during the bust.”
- Existing Home Sales Droop
“Sales
fell 0.6% in March to a seasonally adjusted annualized rate of 4.92
million homes. That’s a 10% increase over one year ago. Excluding
distressed sales, conventional home sales were up 23% year-over-year in
March. Also, inventory rose even on a seasonally adjusted basis for the
second month in a row. Overall, existing home sales are 66% back to
normal.”
- Delinquency-Plus-Foreclosure Rates are Falling!
“The share of mortgages in delinquency or foreclosure
dropped to 9.96% in March, down from 10.18% in February and 10.98% in
March 2012. The combined delinquency + foreclosure rate is 48% back to
normal and at its lowest level since October 2008.”
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