In Nutley The Housing Barometer is a measure of how quickly the housing market has been returning to normal following the economic crisis and housing crash. The Barometer looks at five economic indicators, including existing home sales, home prices, delinquency and foreclosure rates, new residential construction, and the employment rate for young adults. Based on a comparison of where things are now as compared to their lowest point and their last normal period, the Barometer determines how far the housing recovery has come. Over the past year, all five indicators have improved significantly. In fact, three of the five are more than three-quarters back to normal. New construction and employment among young Americans are the only two categories that are still lagging behind. And, according to the most recent release, employment has improved rapidly, rising from 26 percent back to normal in 2013 to 46 percent back to normal last year. Housing starts, though improved from a year earlier, didn’t gain as much ground and remain just 53 percent back to normal. Still, the overall improvement is encouraging news and bodes well for the economy and housing market over the coming months. More here.
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