Housing industry recovering faster than many economists expected [View all]
Source: LAT
Housing is snapping back faster than many economists had expected, with home builders stepping up production of new homes nationally and fresh foreclosures in California falling to their lowest level since the early days of the bust.
Demand for housing has surged as interest rates have plummeted and home prices in many markets appear to have bottomed, particularly in states such as California where inventories of foreclosures and other lower-priced homes have sunk. The turnaround in prices and record-low supply of newly built homes also are luring builders back after six years of pain.
"The numbers are strong in September, and that is definitely a positive sign," said Celia Chen, a housing economist with Moody's Analytics. "It is confirmation that housing is lifting off the bottom."
Residential construction starts rose 15% nationally last month from August to their highest annual rate in more than four years. A separate report showed that the number of troubled California borrowers entering foreclosure hit its lowest level in the third quarter since the dawning of the mortgage meltdown.
Read more: http://www.latimes.com/business/realestate/la-fi-housing-market-20121018,0,4412877.story
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