Construction starts rocketed to a new post-bubble high.Starts were at a 1,036,000 seasonally adjusted annualized rate – up 7% month-over-month and 47% year-over-year – which is the highest level since June 2008. In March, 38% of new starts were in multi-unit buildings, compared with the typical level of 20%. Construction starts are now 55% of the way back to the normal level of 1.5 million from their low during the bust.
Existing home sales went down a bit. Sales fell 0.6% in March to a seasonally adjusted annualized rate of 4.92 million homes. That’s a 10% increase over one year ago. Excluding distressed sales, conventional home sales were up 23% year-over-year in March. Also, inventory rose even on a seasonally adjusted basis for the second month in a row. Overall, existing home sales are 66% back to normal.
The delinquency + foreclosure rate dropped yet again. The share of mortgages in delinquency or foreclosure dropped to 9.96% in March, down from 10.18% in February and 10.98% in March 2012. The combined delinquency + foreclosure rate is 48% back to normal and at its lowest level since October 2008.
Averaging these three back-to-normal percentages together, the housing market is now 56% of the way back to normal, up from 54% in February and 43% six months ago in September. One year ago, the market was only 33% back to normal – so the last year has been a significant recovery. Furthermore, this month’s improvement is even better than it looks with the shift of sales from distressed to conventional and early signs that the inventory crunch may be easing, which will bring some relief to would-be homebuyers.
Author:Bob Wilbanks Phone: 865-384-4661 Dated: April 27th 2013 Views: 7,816 About Bob: Bob Wilbanks exemplifies leadership. His vision and ability to understand human nature has put him ...
View our latest blog posts in your RSS reader. Click here to access.
KnoxHouses and Knox Realty are locally owned and operated. With 12 years of public service fostering trust, we have become Knoxville’s go-to team. We believe in genuine partnership with our clients, a kind of collective cooperation geared to finding success in your Real Estate goals. Our agents are highly qualified, dedicated, full time professionals who have diverse market knowledge and are passionate about assisting their clients
Construction starts rocketed to a new post-bubble high.Starts were at
"Working with you has really been a pleasure. With your assistance and expertise in the real estate in general, you managed to walk us through each step of the process.
we knew that if we could find a realtor who we could trust and who would understand our unique situation, that we could make it happen! you make our dream come true.
Thank you for all your help
Please keep in touch "