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Markets Viewed as "Improving" Double in Month
Twenty-three metropolitan areas are now listed on the National Association of Home Builders (NAHB)/First American Improving Markets Index (IMI) released on Thursday.  This is nearly double the 12 markets listed as improving when the first index was released in September.
NAHB defines an improving market as one that has shown improvement for at least six months in housing permits, employment, and housing prices using indicators from the Bureau of Labor Statistics, Freddie Mac and the U.S. Census Bureau.  A metropolitan area must see improvement in all three areas for at least six months after the respective trough for each indicator to be designated improved.
September's initial list consisted of twelve cities, Alexandria, New Orleans, and Houma Louisiana;  Midland, Sherman, and Waco, Texas; Anchorage and Fairbanks Alaska; Bangor, Maine; Bismarck, North Dakota; Casper, Wyoming; Fayetteville, North Carolina; and Pittsburgh, Pennsylvania.  Bangor was dropped from the list in October because of a decline in building permits and 12 cities were added; Jonesboro and Pine Bluff, Arkansas; Amarillo, Wichita Falls, McAllen, and Odessa Texas; Kankakee, Illinois, Sumter, South Carolina, Iowa City and Waterloo, Iowa, and Winston-Salem, North Carolina.
"Both the number and geographic diversity of improving housing markets expanded this month, with Iowa, Illinois ... more

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