“Not only is the housing market closer to normal than at any other point since the crisis, the recovery is also accelerating,” Trulia said in the report.
The Housing Barometer tracks the recovery of the housing market, comparing it to both the worst point during the crash and the “pre-bubble” normal level. In its monthly report, Trulia takes a look at the construction starts, existing home sales and delinquency/ foreclosure rates.
This month, all three indicators showed signs of improvement.
According to the U.S. Census Bureau, construction starts in October were up 42% year-over-year at an 894,000 annualized rate. Construction rates are 41% of the way back to the norm nationwide.
Existing-home sales rose 2% month-over-month to 4.79 million in October, according to the National Association of Realtors. These numbers indicate that sales are 59% back to normal.
Lender Processing Services‘ (LPS) “First Look” mortgage report revealed a drop in delinquency/foreclosure rates in October. Only 10.64% of mortgages were delinquent this month, down from September’s 11.27% and October’s 11.88%. The delinquency/foreclosure rate reached its lowest level in four years, 41% back to normal.