Upstate New York, Southwest Florida, Bay Area California Lead Recovery

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Is this a sign of recovery or the start of another housing bubble? Please read the article below and let me know what you think.

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The housing recovery is widespread, though it is moving at different paces in various geographies, according to the Housing Market Recovery Index RealtyTrac released Monday. Metros in upstate New York, southwest Florida, and the Bay Area of Northern California are ahead of the curve, according to RealtyTrac.

“The U.S. housing market has clearly shifted to recovery mode over the past 18 months, with home prices consistently rising and foreclosures falling closer to pre-housing bubble levels,” said Daren Blomquist, VP at RealtyTrac with the release of Monday’s report.

He stressed during a webinar Friday that while the recovery is evident across the country, it is moving at different paces in different markets.

RealtyTrac observed 100 large metro areas across the country for evidence of recovery based on seven indicators, including unemployment rate, the rate of underwater homeowners, the change in foreclosure activity from its peak, the change in median home price from its trough, the percentage of distressed sales, the share of sales to institutional investors, and the share of cash sales.

Rochester, New York, topped the index with several positive indicators, including low unemployment, low underwater rates, low distressed sales, rising home prices, and a large drop in foreclosures. So far, home prices in the area have risen 93 percent above their trough and only 7 percent of homeowners are underwater.

Cape Coral-Fort Myers, Florida, ranked second on the list with rising prices driven by high levels of investor activity and cash purchases. Pulling at the threads of Cape Coral-Fort Meyers’ recovery is a high share of underwater homeowners and distressed sales.

Another upstate New York market-Albany—took the No. 3 spot on RealtyTrac’s index, followed by two markets from California’s Bay Area—San Jose and San Francisco.

To read the complete article – please use the link below.

Recovery

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