For Second Month, Every State Has At Least One Improving Market

Seventy-five percent of the metropolitanrnareas tracked by the National Association of Home Builders (NAHB) for thernNAHB/First American Improving Markets Index (IMI) are now listed asrnimproving.  A net gain of 15 marketsrnjoined the list in February with 34 markets added and 19 dropping from thernlist. </p

Improving markets are those that havernshown improvement from their respective troughs on each of three measures,rnhousing permits, employment, and house prices, for six consecutive months.  Improvement is determined by data from thernU.S. Census Bureau (permits) Freddie Mac (home prices) and the Bureau of LaborrnStatistics (employment.) </p

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“This is the second consecutivernmonth in which every state is represented by at least one metro on thernimproving list,” observed NAHB Chairman Rick Judson.  “The expanding housing recovery is energizingrncommunities nationwide by generating jobs and local tax revenues — and itrncould be an even more potent force for economic growth if credit for buildingrnand buying homes was more readily available.”</p

“With just over 75 percent of thern361 metros covered by the IMI now seen as improving, the housing market is onrnconsiderably more solid footing than it was at this time last year,” said NAHBrnChief Economist David Crowe. “While we expect this positive momentum torncontinue, it’s important to understand that many markets are just beginning thernrecovery process, and that numerous issues – from credit availability to thernrising cost of building materials and emerging lot shortages – are slowing thernpace of that advancement.” <br / <br /"With the understanding that there are still a lot of uncertainties in thernregulatory arena, it looks like we are finally seeing the beginning of whatrncould be a broad and deep recovery of the nation’s housing market,” added KurtrnPfotenhauer, vice chairman of First American Title Insurance Company.

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