Housing Inches Its Way Back To Normal

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To get an accurate view of the housing market’s recovery, it’s important to look at a number of factors. No one report or statistic alone can provide a true picture of the health of the market. Trulia’s Housing Barometer – which tracks how quickly the market has been returning to normal following the housing crash and financial crisis – looks at current home prices, sales, delinquency and foreclosure rates, new construction starts, and the job market to offer a comprehensive view of the residential real-estate market. According to the most recent reading, all but two of the five categories tracked by the Barometer have improved over the past year. Unfortunately, the two measures that are lagging behind are new home construction and employment among young adults. Both of these are closely tied to the broader economy and play a large role in the continuing health of the market. Home prices, sales, and the foreclosure rate have all rebounded relatively quickly over the past couple years. But, now that they have returned to near normal levels, the economy and housing market require further improvement in the job market and new residential construction to spur continued gains and further stabilization. More here.