Housing market improves overall, although recovery still fragile
Posted on Tuesday, December 10, 2013 at 9:51:49 AM
Thanks in part to current government programs, better trends and a more positive consumer base, the nation's housing market has continued to improve throughout November.
According to the U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury's Obama Administration's Housing Scorecard, there is plenty of good news for the sector. Specifically, economic and job growth, alongside increasing home prices, have helped limit the number of foreclosures across the country.
Kurt Usowski, HUD deputy assistant secretary for economic affairs, explained that the number of underwater homeowners - or those who owe more on their residential financing plans than the home is worth - is roughly 40 percent below peak levels.
However, people should remain cautious about the recovery. Overall, it is still relatively unstable. According to a recent Fannie Mae survey, many Americans are keeping a close eye on their personal finances and the economy as a whole. What's more, a significant portion of the people questioned still feel that residential financing rates will continue to go up over the next 12 months.
While a number of people may have tempered expectations, the recent data related to the housing market has been positive overall.