Real Estate market accelerating in all areas
CoreLogic’s September MarketPulse report, a monthly economic publication that provides insight into the current and future health of the U.S. economic climate with emphasis on housing and mortgage metrics, found that while robust economic growth remains elusive, the housing market is accelerating in all areas. Home sales are up, mortgage performance is improving, and prices are rapidly improving.
Land is a critical cyclical component that drives home values. Currently land share of total home value is historically low, but if land sales begin to increase rapidly, home prices could rise more quickly than traditional income and rent-to-price fundamental indicators warrant, and would contribute to overall economic growth.
The newly introduced CoreLogic Real Estate Strength Index (RESi™), is a monthly index that compares and ranks the quality, sustainability and health of metropolitan markets by incorporating economic, real estate and mortgage factors.
According to RESi, the majority of the most-improved U.S. housing markets are in western markets, which peaked and bottomed earlier than many eastern and southern markets. Boise, Idaho, holds the top spot for most improved, followed by Phoenix, Ariz. and West Palm Beach, Fla…
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