The recently released Case-Shiller housing price index suggests that not only has the real estate downturn stabilized but that things are starting to pick up. University of Chicago economics professor Casey B. Mulligan expressed optimism in a recent New York Times article. “The housing crash is the single most important factor that started this recession,” wrote Mulligan, “so it would be nice to know when it will end.”
It looks like that end is clearly in sight. Locally, the California Association of Realtors® reported a more than 20% increase in home sales during June. Read more highlights of the latest C.A.R. report at RISMedia.
On a national level, the Conference Board’s Index of Leading Economic Indicators rose for the third consecutive month in June. That is something that hasn’t happened since June 2004. Federal Reserve Chairman Ben Bernanke has also expressed confidence that an economic recovery is in the near future. Furthermore, as RealtyTimes reports, the Mortgage Bankers Association has seen mortgage applications to buy houses continue to increase.
For current homeowners who are having trouble with their mortgages, the government is offering new payment reduction programs to those with loans backed by the Federal Housing Administration. Read all the details at Yahoo! News.
You would be hard pressed to find someone who denies that the nation is in a recession, but it is becoming clear that the worst is behind us and the situation is starting to improve.