Improving Housing Markets Tally Jumps by Nearly a Quarter

The National Association of HomernBuilders (NAHB)/First American list of improving markets jumped by a net of 22 metropolitanrnareas (MSAs) this month, the third consecutive monthly increase in thernImproving Markets Index (IMI) which now stands at a total of 125.  The index now includes at least one MSA inrneach of 38 states and the District of Columbia. rnLast month the index represented 33 states plus the District. </p

The IMI identifies markets in whichrnthere has been improvement for six consecutive months from their respectiverntoughs in each of three economic measures; employment as measured by data fromrnthe Bureau of Labor Statistics, permits issued for new single-family homernconstruction from the Census Bureau survey, and home price changes from FreddiernMac mortgage data.   </p

Six markets dropped off of the Octoberrnlist compared to seven that did not carry over from September to October.  Of the 28 states joining the list three werernin California and there were two in each of seven states, Florida, Louisiana,rnOhio, Texas, Utah, Virginia, and West Virginia.</p

Barry Rutenberg, chairman of thernNational Association of Home Builders (NAHB) said that the number of statesrnadded to the list and the wide geographic distribution. “Shows that arnhousing recovery is firmly taking root and helping generate needed jobs andrneconomic growth across much of the country — though we know that thisrnexpansion could be even stronger were it not for ongoing challenges includingrnoverly tight lending conditions and difficult appraisals.”<br /<br /"The solid increase in the number of improving housing markets this monthrnillustrates the degree to which the housing recovery has gained momentum sincernwe initiated the IMI last year,” noted NAHB Chief Economist David Crowe.rn”Compared to the 30 markets that made the list as of November 2011, we nowrnhave 125, which is about one-third of all the markets surveyed for thisrnindex.”<br /<br /"This new high point for the Improving Markets Index provides the latestrnevidence that housing has turned a corner due to rising demand from consumersrnwho are increasingly confident about the direction of local home values,"rnsaid Kurt Pfotenhauer, vice chairman of First American Title Insurance Company.

All Content Copyright © 2003 – 2009 Brown House Media, Inc. All Rights Reserved.nReproduction in any form without permission of MortgageNewsDaily.com is prohibited.