Market Updates from Trulia: What the stats say
I like catching up on where our market is at on Trulia’s website. They’re Chief Economist, Jed Kolko, is a good resource for where the market is going and why. Today’s article was particularly enlightening as it was the “Housing Barometer Charts”. I felt that many details in his report are applicable to many people in the industry of Real Estate.
Within this report Trulia summarizes the three key housing market indicators: 1. New Construction starts 2. Existing Home Sales and 3. Delinquency plus Foreclosure Rate. For each category of these indicators, Trulia compares the month’s date to the previous numbers when they were at their worst and the pre bubble “normal” levels.
Construction Starts: Brand new home starts have increased from 699,000 in March to 717,000 in April. Despite these brilliant numbers, the new home starts have only risen to 23% of the way back to their “normal”.
Existing Home sales: We have seen an increase from 4.47 million to 4.62 million! This is the most encouraging news because home sales are almost halfway back to their normal levels from before the worst numbers in the bubble.
The Delinquency plus Foreclosure Rate: These numbers have stagnated which is a great sign. In April 11.26% of mortgages were in foreclosure or delinquent. It’s slightly just a little bit higher than the 11.23% that was shown in March. However, despite this small change we are still at 37% back to normal as in comparison to 20% this time last year.
What do we take from this? Our recovery is slowly but steadily pushing forward.
If you have been thinking of jumping into the game, whether it be investing or getting financing to purchase a home, now is a great time to do so! The market is heading back to normal, but there’s still plenty of time to buy a house/home as the value will just increase. For answers to your questions or a simply inquiry give me a call at 707.523.2099
Lynn Tardibuono – Flipper Chick- Real Estate Agent and Co-Owner of Sun Pacific Mortgage and Real Estate. Serving Sonoma County since 1988. Her number is (707)523-2099 and you can also visit our redesigned website at http://www.sunpacmortgage.com Also be sure to like us on facebook! Click this link!
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