US housing - 'rising from the ashes'. This is a tale worth repeating. The SP / Case-Shiller Housing Price Index was up 2 percent year over year in August, with numerous major towns posting much stronger increases, e.g. Phoenix up just about Twenty p.c., Detroit up 7.5%, San Francisco up 5.3%. Those increases are the product of a smaller stockpile of places on sale and the highest affordability ( home prices and mortgage rates ) in at least 4 decades. Finally, the US rental vacancy rate, steady at 8.6%, is at the lowest level in just about ten years. Just about all the trends in the States home market point to upward home price momentum. It's inevitable that that will infiltrate the psyche of American households, particularly with 30-year mortgage rates at just 3.6%, implying that there remains lots more upside in home sales and costs.
Wednesday, 31 October 2012
US housing - 'rising from the ashes'.
US housing - 'rising from the ashes'. This is a tale worth repeating. The SP / Case-Shiller Housing Price Index was up 2 percent year over year in August, with numerous major towns posting much stronger increases, e.g. Phoenix up just about Twenty p.c., Detroit up 7.5%, San Francisco up 5.3%. Those increases are the product of a smaller stockpile of places on sale and the highest affordability ( home prices and mortgage rates ) in at least 4 decades. Finally, the US rental vacancy rate, steady at 8.6%, is at the lowest level in just about ten years. Just about all the trends in the States home market point to upward home price momentum. It's inevitable that that will infiltrate the psyche of American households, particularly with 30-year mortgage rates at just 3.6%, implying that there remains lots more upside in home sales and costs.
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