Friday, June 28, 2013

Trulia Confirms Housing Rebound

Real estate website Trulia, in their latest blog entry, confirmed nationally what I have been seeing locally: home prices are bouncing back in a big way.

Their housing barometer, looking at new construction, home sales, and the delinquency+foreclosure rate (indicator of future troubled properties) is above 60% for the first time since 2007.  Still, we're not completely out of the woods yet.  As Trulia observes:

The recovery is now in its teenage years: awkward growth spurts and on the verge of having to support itself.

The barometer reading of 61 means that the market is now at 61% of it's peak.  Note that this is more than housing prices, as it also includes the foreclosure counts and new construction starts.

We are starting to see home hints of new construction perking up Downriver.  Brownstown at one point had new subdivisions popping up everywhere.  Now, after years of no new subdivisions and builders scaling back the projects already underway, we may see our first new development later on this year.