Housing Market Recovery Accelerating, Now 47% Back To Normal

[Calamari]

Trulia‘s Chief Economist reveals the latest findings from the Trulia Housing Barometer. In October, the housing recovery made the biggest three-month jump to date, putting it near the halfway point now.

• Construction starts rose from last month’s high. Starts in October were at an 894,000 annualized rate, up 4% month-over-month after a big jump in September and up 42% year-over-year. Nationally, construction starts are 41% of the way back to normal.
• Existing-home sales recovered in October. After slipping in September, existing home sales rose 2% month-over-month to 4.79 million in October and are now just a bit below their post-crisis high of 4.83 million in August. Sales are 59% back to normal–more than halfway.
• The delinquency + foreclosure rate dropped to a post-crisis low. In October, 10.64% of mortgages were delinquent or in foreclosure, down sharply from 11.27% in September and from 11.88% in October 2011. The combined delinquency + foreclosure rate is at its lowest level in four years and is 41% back to normal.

[flyboy56]

It's the 2008 collapsed bubble the government is trying to re-inflate with the QE directed towards mortgage companies that includes cheap interest rates. This bubble won't last long and people will get hurt again if they don't have a good fixed rate loan that require proof of credit, which the FHA does not require for US citizens or foreigners, and actual proof of monthly income. We shall see.

[Calamari]

Yeah sure.

[Range Rover]

Man was that a great idea....let's pressure banks to make loans to unqualified home buyers. How can we make this any worse? Oh yea, let's get those fine fellows on Wall Street involved. Liberals and their ideas.

PS if the plan goes bad we can always blame Bush

[flyboy56]

The attempts to diminish personal responsibility is fueling this fire. Everyone today is a victim.

[BiggSeth]

and the funny thing is had the gubment spent the $$$ from TARP to forgive all the poorly written/junk/borderline illegal mortgages, we'd be out of this mess.

Instead, they covered the bets of their wall street buddies who have kept the $$$ and Americans are still losing their hosues, underwater, or unable to get a mortgatge to refinance.

[CajunRaven]

and the funny thing is had the gubment spent the $$$ from TARP to forgive all the poorly written/junk/borderline illegal mortgages, we'd be out of this mess.

Instead, they covered the bets of their wall street buddies who have kept the $$$ and Americans are still losing their hosues, underwater, or unable to get a mortgatge to refinance.

How about that. Wasn't that supposed intent of Tarp when they first mentioned the idea, and as soon as it passed, Bush's boy diverted it to the Banks.

[BiggSeth]

How about that. Wasn't that supposed intent of Tarp when they first mentioned the idea, and as soon as it passed, Bush's boy diverted it to the Banks.

yeah, that first installment was sooooooooooooooooooooooo much more evil than the second, equally large, dare I say equal in dollar amount installment overseen by the obama regime.

The first $350 billion TARP installment was spent by Bush and the second $350 billion installment went to the Obama Administration. TARP passed the Senate on October 1, 2008 on a 74 to 25 vote, and the House approved it on October 3 by a 263 to 171 vote.

but that $787BBBillion payback to obama's cronies right after TARP was just the best thing ever!

shovel ready jobs??

5% unemployment??

partisan hack.

[CajunRaven]

yeah, that first installment was sooooooooooooooooooooooo much more evil than the second, equally large, dare I say equal in dollar amount installment overseen by the obama regime.

The first $350 billion TARP installment was spent by Bush and the second $350 billion installment went to the Obama Administration. TARP passed the Senate on October 1, 2008 on a 74 to 25 vote, and the House approved it on October 3 by a 263 to 171 vote.

but that $787BBBillion payback to obama's cronies right after TARP was just the best thing ever!

shovel ready jobs??

5% unemployment??

partisan hack.

Yeah, Hank Paulson I think of GS. And yes, the next gang, the hopey changy folks were just as bad, if not worse.

But, you're right, add all that money up, you certainly could have paid off of the loans. Hell, probably could've covered most typical loans in the country. Give everyone a nice house and be done with it.

But Paulson was the guy who did the bait and switch.