Largest Housing Increase In Past 18 Months
Nearly half way. That would be the Jeopardy answer to the question “Where is the housing recovery?”
That information comes according to Trulia’s Housing Barometer which in October marked its largest increase since it began tracking the housing recovery 18 months ago.
Trulia monitors distressed homes (both foreclosures and short sales) as well as delinquency rates, existing home sales, and new homes sales and compares them with the worst points of the housing crisis. Then they compare those rates to the normal pre-bubble levels to figure the recovery numbers.
On the distressed housing front, foreclosures and delinquency rates dropped to 10.64 percent in October which tumbled from 11.27 percent in September and 11.88 percent one year ago.
Consider that the delinquency and foreclosure rate now sits at its lowest rate in four years.
Market Is 47 Percent Back To Normal
Most interesting signifier compares the crisis highs and normal pre-bubble levels and the delinquencies and foreclosures now sit at 41 percent between.
The numbers look even better for existing homes sales which rest at the 59 percent mark as compared with the high mark crisis rates and the normal pre-crash marks.
Existing home sales jumped two percent in October and rose to 4.79 million, which followed a modest decline in September.
Using all of the indicators, Trulia estimates that the housing market is now 47 percent back to normal.