Wednesday, September 24, 2014

Housing's Long-Term Health

We've been seeing a lot of numbers lately indicating that the economy has returned to pre-recession levels. But for the housing industry, the more relevant time frame is the start of the subprime mortgage crisis, which began around the time housing prices peaked in 2006.

And the sentiment reading from the home building industry that came out last week clearly beat that mark. The NAHB/Wells Fargo Housing Market index reached 59 in September for its fourth consecutive monthly increase - and its highest level since November 2005.

Just about all the indicators were good, according to the National Association of Home Builders. The single home family sales indicator and the single-family sales expectations for the next six months both rose to their highest level in more than a year. Prospective buyer traffic, meanwhile, is at its highest since October 2005.

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