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US Housing Market Showing Strong Signs of Recovery. - Holprop.com News


28 January 2013 - Holprop.com News

After the sub-prime catastrophic meltdown became a household name (no pun intended!), the USA housing market is seeing a gradual sign of recovery.

It's all about location, as you would expect. Arizona’s capital city, Phoenix, is leading the USA in price appreciation, surging 22 per cent in the 12 months through October. However, where ever signs of recovery start, they soon spread.  Increasing progress over the past six months is a positive sign and the key driver remains affordability.

Teetering on the edge of a fiscal cliff, the question remains can the USA continue to build on a long term recovery in 2013 and beyond?

The short answer, from all indications, is yes!

That's because house prices, which topped out in 2007, grew 7.4 per cent in November from a year ago. That's the biggest year on year increase since 2006, when the housing industry was nearing its pinnacle.

With house values on the rise, the number of "upside down" borrowers fell last year by almost 4 million, with 7 million still “upside down”, that total could drop a further 4 million within two years, according to JPMorgan Chase & Co.

That's good news not only for the housing industry, but for the entire economy.

"For most middle class households, houses are by far their biggest asset," Karen Weaver, head of market strategy and research at investment firm Seer Capital Management LP told Bloomberg News. "So once the housing market starts to recover it helps consumer spending, it helps the whole economy."

The improving housing market has already helped the wider economy restore after the crash that prompted the worst recession since the Great Depression. The unemployment rate has dropped to 7.8 per cent, the lowest level since January 2009 and Government officials in December projected economic growth in a range of 2 per cent to 3.2 per cent in 2013. Consumer spending, which accounts for about 70 per cent of the economy, is also showing signs of improvement. Retail sales rose more than projected last month, according to Commerce Department figures today in Washington.

USA property | USA vacation rentals | Holiday Rentals USA

 

 

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