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Are we in a full housing recovery? How to tell
Are we in a full housing recovery? How to tell
  WASHINGTON – Jan. 21, 2014 – In order to have a fully recovered housing market and economic recovery, economists point to the need for four positive indicators:
1. A healthy job market with stable unemployment
2. Mortgage delinquencies that have returned to historical averages
3. Home prices consistent with an affordable mortgage payment-to-income ratio
4. Home sales in the range of historical norms.
So, is the current housing market inching closer?
Freddie Mac’s U.S. Economic and Housing Market Outlook for January takes a look at how the housing market is performing among these four indicators.
Economists note that the unemployment rate – while inching down – still remains high at 6.7 percent. Meanwhile, mortgage delinquencies have fallen to 5.88 percent – nearly half of their peak rate but still higher than the national average of about 2 percent.
Home prices still have some room to grow without outpacing income growth, economists say.
“From 1999-2006, mortgage payments on a hypothetical 30-year fixed-rate mortgage would have increased by 50 percent more than income growth,” Freddie Mac notes in the report. “Currently, payment-to-income ratios are only 60 percent of the level we had in ... more

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