The housing industry has felt a lot of stress lately, especially in the United States. Pressure to bounce back after such a long recession period has seemed to be without result, until recent numbers detailing slow but sure improvement became available. Years behind the rest of the improvements of a recovering economy, the housing market was still able to make slight gains, according to CoreLogic reports on Tuesday. The analysis firm specifically stated that home prices were up 7.5%, and .9% from the same day last year. These numbers do not include ‘distressed sales’ which consist of sellers lowering their prices to the extreme because they are in danger of foreclosure.
CoreLogic expresses that this is the tenth consecutive month in which home prices have raised, with its own index showing an 8.3% jump from this time last year, the largest jump since May of 2006. The good news is a relief after many worries about the housing market, especially in the economic uncertainty of 2013. However, these numbers are an average, looking at the United States housing market as a whole, and don’t accurately portray the patchwork improvement that seems to be reality. Delaware, New Jersey, Pennsylvania and Illinois all experienced negative price changes, and were the only four states not to experience increases. On the other side of the coin; Hawaii, Arizona, Nevada, Idaho, and California, with gains of over 12% in house pricing index terms. All of the states appreciation (or depreciation) rates were measured including the distressed sales, giving a more accurate view, perhaps, of the market’s nature.
Hopefully the rebound will last long into 2013, so the United States can move past the recession and enter the global economy stronger than ever. The intertwined nature of the global economy makes it a necessity for the gains in one area to cause gains in a completely different locale; and the same goes with losses. The patchy recovery, distributed unevenly, simply reflects the way markets in different parts of the United States operate and are affected by economic turmoil. All in all, the ‘on the mend’ housing market reported by CoreLogic is wonderful news, initiating timid expectations for 2013, and inspiring confidence that the United States economy is not on the verge of collapse anymore.
Throughout the turmoil of the housing industry, homeowners have been the most adversely affected, and this increase in home prices indicates that homeowners are now getting more for their homes, and are able to sell and buy successfully again. CoreLogic analyists’ release of these numbers is just one more important step, if a small one, on the way up for the housing industry. It appears that house pricing will encourage buyers and benefit sellers once again, and increase profits for all in the future.
