Calling the bottom of the housing slump
Here's its argument:
By every measure, except foreclosures, the housing market has stabilized and many areas are recovering, according to a spate of data released in the past two weeks. Nationwide, home resales in June are up 9 percent from January, on a seasonally adjusted basis. Sales of new homes have climbed 17 percent during the same period. And construction, while still anemic, has risen almost 20 percent since the beginning of the year.
Even home prices, down one third from the top, edged up in May, the first monthly increase since June 2006.
The AP story notes that many economists aren't expecting a quick upturn -- just that things probably aren't going to get worse for homeowners.
Do you agree with this conclusion for the country as a whole? What about for the Baltimore metro area?
Home sales in the metro area (in case you need the reminder) rose 2 percent in June vs. a year earlier, according to Metropolitan Regional Information Systems. Average prices fell 10 percent. There were about 18,800 homes on the market, just under eight for every one that sold that month.