Housing Recovery in Phase 3, Market 64% Back To Normal

joe-kolko-trulia-chief-economist-credit-forbes-posted-manufactured-home-daily-business-news-Trulia’s Chief Economist Joe Kolko revealed the latest findings from their Housing Barometer. Kolko’s findings are that the recovery has entered a new phase as mortgage rates rise and inventory expands. While prices and existing-home sales are nearing normal, new construction and sales are far from their pre-bust peak. Forbes tells MHProNews that “Each month, Trulia’s Housing Barometer charts how quickly the housing market is moving back to “normal.” We summarize three key housing market indicators: construction starts (Census), existing home sales (NAR), and the delinquency-plus-foreclosure rate (LPS First Look). For each indicator, we compare this month’s data to (1) how bad the numbers got at their worst and (2) their pre-bubble “normal” levels.” It seems the fourth phase, described as when young adults finally start moving out of parents’ homes and begin to fuel new household formation, is still off in the distance. ##

(Photo Credit: Trulia’s Joe Kolko/Forbes)

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