Housing prices rise again
San Diegos market ranks 31st. Just over 80 percent of the 361 metros tracked by our index are showing consistent growth in three key measures of housing market strength prices, permits and employment, explained NAHB Chairman Rick Judson, a home builder from Charlotte, N.C. While there is still plenty of room for growth, this is an excellent indication of how the housing recovery has begun to take hold across more geographic areas. The dramatic increase in markets qualifying for the IMI in September was partly due to a recent improvement in the way that Freddie Mac measures home prices, noted NAHB Chief Economist David Crowe. Even so, the broadened list … continues to demonstrate the slow but steady gains that individual housing markets are making to bolster the national outlook. With every state now able to claim at least one county thats part of an improving metro, and 23 states having charted at least one new entry in September alone, prospective homebuyers have good reason to be encouraged by this news, said Kurt Pfotenhauer, vice chairman of First American Title Insurance Co.
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But more sellers are jumping into the market. There were 2,194 new listings last month, up 20 percent from a year earlier. Many homeowners decided against testing the market in recent years because they couldn’t get the prices they wanted. But now those owners are energized by the price increases and eager to capitalize on the rebound.
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Housing market boosts confidence (From Tewkesbury Admag)
Patrick Foley, chief economist at Lloyds Bank, said the findings were “very encouraging”. He continued: “Increasing consumer sentiment may in time embolden consumers to spend, so helping to underpin the wider economic recovery. In turn, such spending would further help improve the outlook for growth and jobs.” A new high of 39% of consumers were feeling positive about the housing market, which has recently seen a surge in activity following Government schemes such as Funding for Lending which have improved mortgage availability and led to some lenders offering their lowest ever rates. House prices have also been back on an upward march in recent months, helping some home owners who have seen falls in the value of their property in recent years and who may have previously been stuck in negative equity. People living in Northern Ireland, which has seen some particularly sharp drops in house prices before more recent signs that prices are stabilising, were the most likely to be downbeat about the housing market. Nearly three quarters (74%) of those surveyed in Northern Ireland said the housing market is “not good” web site or “not good at all”, as did 72% of those in the North of England.
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