Housing recovery half way back

 

 Dewey Mitchell, co-owner of Prudential Tropical Realty, reported in his weekly address on Monday, December 10, 2012

 

· Housing recovery nears halfway mark -The housing recovery is nearly halfway complete, according to Trulia’s Housing Barometer, which in October posted its largest increase since it began tracking recovery 18 months ago. Trulia monitors delinquency and foreclosure rates, existing home sales, and construction starts and compares them with their worst points during the housing crisis and their normal pre-bubble levels. All three indicators showed improvement in October.

 

· Housing recovery is the real deal -U.S. builders started construction last month on the most homes and apartments since July 2008, more evidence that the housing recovery is gaining momentum.

 

· Housing in recovery, will boost GDP -Housing data released over the past few months clearly shows a market in recovery, according to the MarketPulse report released last month by CoreLogic Inc. CoreLogic estimates housing recovery could boost GDP a quarter-percent in 2012 and a half-percent in 2013.

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          Consumer confidence holds at five-year high -Consumer confidence held at 82.7 in November, marking a five-year high based on the widely followed survey by Thomson Reuters/University of Michigan.

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          Existing home sales jumped 25% in October in Florida.

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         Pending sales, those expected to close within 90 days, but not yet completed shot up 56.7 in October from a year ago.

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         The median sales price increased year to year by +9% to $145K.

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         Florida’sunemployment rate fell to 8.5% reaching the lowest point in nearly four years.

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          Sales of homes priced at 500K and above have jumped more than +40% in the past year.

 

      Historically, housing recovery in the the U.S. economy has led recoveries in the past.