Here's the breaking news on housing this morning.
U.S. home prices extend gains in January says this:
"U.S. home prices advanced by 0.7% in January to stretch the year-on-year
advance to 9.7% -- the largest year-on-year gain since April 2006, according to
CoreLogic. "With these gains, the housing market is poised to enter the spring
selling season on sound footing," said Mark Fleming, CoreLogic chief economist,
in a statement.
From the peak, prices nationally have shrunk by 26.4%, or a
19.9% when distressed transactions are excluded. All but two states, Delaware
and Illinois, are experiencing year-over-year price gains.
Arizona led the way
with a 20.1% surge. CoreLogic's pending home sales rise forecasts a 0.3% decline
in February but a 9.7% year-on-year gain."
While it's certainly no time to delare victory, things are definitely improving
for housing prices.
Of course, it will be several more years before the old highs are reached. It was quite a bubble.
In any event, the trend is now our friend, as it is a favorable one indeed.
This should means lots of other good things to come for our economy in the months and years to come.