In the Coachella Valley we are seeing great signs of improvement from more jobs to home prices increasing. With the influx of the seasonal crowd we should also see the communities numbers grow favorably.
In October 2012, all three housing measures improved: construction starts increased again, existing-home sales rose, and the delinquency + foreclosure rate dropped considerably.
•Construction starts rose from last month’s high. Starts in October were at an 894,000 annualized rate, up 4% month-over-month after a big jump in September and up 42% year-over-year. Nationally, construction starts are 41% of the way back to normal.
•Existing-home sales recovered in October. After slipping in September, existing home sales rose 2% month-over-month to 4.79 million in October and are now just a bit below their post-crisis high of 4.83 million in August. Sales are 59% back to normal–more than halfway.
•The delinquency + foreclosure rate dropped to a post-crisis low. In October, 10.64% of mortgages were delinquent or in foreclosure, down sharply from 11.27% in September and from 11.88% in October 2011. The combined delinquency + foreclosure rate is at its lowest level in four years and is 41% back to normal.
Averaging these three back-to-normal percentages together, the housing market is now 47% of the way back to normal–compared with 25% in October 2011.
Happy Home hunting while prices are still good!!!!