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Friday, April 25, 2014

US Housing Market Improving in More Than 50% of the Country

Foreclosures are down and the home buyers are out for some spring time property shopping. However, the main problem they will find when searching for that perfect home is that there is simply a lack of housing inventory to choose from. This thin supply of available homes in turn causes house values to rise, and lack luster markets start to improve rapidly.

Welcome to US housing Monopoly 101. Are you ready to play the real estate game this year?

The US housing market appears to be improving in more than half the states in the country. A new report issues today by Freddie
Mac for February is showing the US real estate market overall recovering at a slightly slower pace from January. However, more than 50% all states, as well as more than 50% of the top 50 metro areas, show a trend of improving. 11 states and the District of Columbia, and four metro areas, are in their stable range of housing activity, unchanged from March.

According to Freddie Mac:
The national MiMi value stands at -3.11 points indicating a weak housing market overall and declining by 0.03 points from January to February. However, on a year-over-basis, the U.S. housing market has improved by 0.67 points, and the 3-month trend (+0.12 points) shows an improving housing market. The nation’s all-time MiMi low of -4.49 was in November 2010 when the housing market was at its weakest.
Freddie Macs Chief Economist Frank Nothaft had said;
“Despite a slowdown over the winter months, the housing market continues to show improvement in most states, although at a somewhat slower pace. And while not all the MiMi indicators are trending in a better direction — in particular, home-purchase applications have weakened in many areas — gains in local employment and loan performance have really helped many markets across the country, especially those that were hardest hit. Outside of these areas we also are seeing positive improvement from the Carolinas and Tennessee as their local unemployment rates fall further.”

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1 comment:

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