Recovery Slowly, Steadily Pushes Ahead in US Real Estate

Posted at December 29, 2012 | By : | Categories : Real Estate News,WNY Realtor | Comments Off

Like many others in the industry Trulia’s Chief Economist has recognized am increase in sales as it relates to the housing market. He continues his monthly roundup of new construction starts, existing-home sales and the delinquency-plus-foreclosures. He takes all this data and is able to rate it to see how far away we are from a normal housing market.
Every month Trulia’s Housing Barometer takes time to chart how quickly the housing market is moving back to what he rates as “normal.” He uses these three housing indicators:

  • New construction starts –this is important because there has to be people requesting new homes in order for there to be a construction start. What does this mean? I t means new home sales are on the rise.
  • Existing-home sales- These are important in that it takes houses off the market ad also reduces the number of foreclosures that are being rated. This of course shows a positive increase
  • Delinquency-plus-foreclosure rate – as this goes down it means that people are finding jobs or other sources of income that are allowing them to either keep their home or catch up on their payments before getting to foreclosure status.

Data for the month of April shows the following:

  • Construction starts rose. They had an increase from around 699,000 in March to 717,000 in April. Although these numbers are good we are only 25% of the way there and still have a long way to go.
  • Existing home sales: This was an increase from 4.47 million to 4.62 million. The sale of homes are almost halfway back at (49%) to their normal level. This percentage is rated according to their worse level.
  • The delinquency + foreclosure rate stagnated. When reading these numbers remember that less is best. In April, 11.26% had delinquent mortgages or was facing foreclosure, versus 11.23% in March, which means we are 37% back on the path to normal.

When we average all three of these things we are around 37% back to normal.
Here is the bottom line. Other then the dip in March, a recovery is slowly but steadily pushing ahead. This is good news for real estate markets nationwide..

For more information call Colleen Kulikowski

(716) 650-0051

 

Thinking of selling your Western New York home? Interested in finding out the current market value of your single family home, condo or investment property? Then call www.BestBuffaloHomes.com at (716) 650-0051 to discuss what is happening in today’s Western New York Real Estate Market. We would be happy to give you a personalized Comparative Market Analysis for your home or assist you to purchase a home. View additional WNY Market Area Statistics here.

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All Statistics are gathered from the Buffalo Niagara Association of REALTORS®.
Properties found on this Web site may be listed with a brokerage other than the owner of this site and are displayed here via the Internet Data Exchange (IDX) system of this broker’s MLS. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing nor displaying broker shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless. © 2012 Western New York Real Estate Information Services (WNYREIS), LLC. All rights reserved.
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All Statistics are gathered from the Buffalo Niagara Association of REALTORS®.
Properties found on this Web site may be listed with a brokerage other than the owner of this site and are displayed here via the Internet Data Exchange (IDX) system of this broker’s MLS. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing nor displaying broker shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless. © 2012 Western New York Real Estate Information Services (WNYREIS), LLC. All rights reserved.


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