Positive signs for housing market, economy
Posted on Monday, September 23, 2013 at 11:10:09 AM
The past month has brought a number of positive indicators for both the U.S. economy and the housing market. Homebuyers and sellers have plenty of good news, and residential financing is getting more affordable as prices rise and mortgage delinquencies drop.
Recently, CoreLogic released its September MarketPulse survey, in which the analytics firm looked at the many statistics related to the housing market. Of particular note were rising home prices, which jumped up more than 12 percent on a yearly basis, and many regions that were seriously affected during the recession are drastically improving.
In addition, the U.S. Gross Domestic Product is closely tied to the housing market, with home sales factoring into the overall success of the economy. Residential financing has been helped by the increasing home prices as well. More borrowers have greater equity on their properties, and the total number of residences with mortgages reached 41.5 million by the end of June, CoreLogic noted.
Another positive for the U.S. economy is the unemployment rate. Figures dropped yearly for 37 states and Washington D.C., according to data from the Bureau of Labor Statistics. Region by region, the West had the highest rate while the South, at 7.2 percent, was the lowest.