One sign that the real estate market is turning around, is an increase in building permits, and new construction houses. In 101 metro areas, we now have signs that building permits and employment are rising. This represents markets in 35 of the 50 states.
The latest National Association of Home Builders/First American Improving Markets Index IMI numbers show that a total of thirty-five states are now represented.
In order to be considered an improving market these metro areas must have shown improvement in housing permits, employment, and home prices for the last six months straight. This data is comprised from employment growth reports from the Bureau of Labor Statistics, house price appreciation from Freddie Mac, and single-family housing permit growth from the U.S. Census Bureau.
?While housing markets across the country continue to struggle under the weight of overly tight lending conditions and other challenges, the April IMI indicates that at least 101 individual metros are showing measurable and consistent signs that they are headed in the right direction,? said NAHB Chairman Barry Rutenberg. ?A total of 35 states are now represented on the list, with 10 states having four or more entries. This positive news is in line with what our builder members have observed regarding firming conditions and improved buyer interest in certain locations.
?Each month new markets have been joining this list, while some previously ?improving? markets have slipped from their ranking.
The newest entrants this month included 13 new metro areas. Some of these new to the list areas are Rome, Ga.; Coeur d?Alene, Idaho; Greenville, N.C.; Brownsville, Texas; St. George, Utah; and Huntington, W.Va..
via Cornerstone Real Estate ?s Real Estate Update.
As more people start building, the economy will drastically turn around. Building and construction of residential real estate creates thousands of jobs. The decline of construction related jobs was one of the biggest areas lost when the recession started. Many of these jobs never should have been created, as they were created to support a bubble, but if we get an increase in new real estate construction, the economy may be able to heal once and for all.
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