The housing recovery is widespread, though it is moving at different paces in various geographies, according to the Housing Market Recovery Index RealtyTrac. Metros in upstate New York, southwest Florida, and the Bay Area of Northern California are ahead of the curve, according to RealtyTrac. “The U.S. housing market has clearly shifted to recovery mode over the past 18 months, with home prices consistently rising and foreclosures falling closer to pre-housing bubble levels,” said Daren Blomquist, VP at RealtyTrac. One hundred large metro areas across the country were observed for evidence of recovery based on seven indicators, including unemployment rate, the rate of underwater homeowners, the change in foreclosure activity from its peak, the change in median home price from its trough, the percentage of distressed sales, the share of sales to institutional investors, and the share of cash sales. [Read this article]
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