Housing Recovery Still Tenuous

As HousingWire informs MHProNews, although the media is overflowing with glowing reports about the housing market recovery, it is not time to celebrate yet. CoreLogic reports April home prices were up 12 percent over April 2012, and 3.2 percent higher than March, but the market continues to need more move-up buyers and new homebuyers to even approach pre-crisis levels. Seven years ago everyone thought real estate prices would continue to rise, but the bursting of the housing bubble brought that to a sudden end. While the market is improving, economist Ed Stansfield with Capital Economics says the 12 percent increase is a short-term gain due to shrinking inventory, and if supply rises, prices could moderate. He says, “All in all, it is important not to lose sight of the fact that despite the rapid gains of the past year, home prices in the U.S. are still over 20% below their previous peak. That suggests that there is some way to go before the risks of further house price gains outweigh the support that housing is lending to the wider recovery.”

(Image credit: Fotosearch–crystal ball businessman)

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