Are we in a housing bubble? Not even close, experts say
Utilizing home pricing data for the period ending July 2013, the Index showed gains for single-family properties in all 100 markets, up from 87 in the previous reporting period. The Homes.com Local Market Index has been expanded to include midsized markets ranked from 101-300. It provides a closer look at smaller markets nationwide, showing increases in 293 of the top 300 markets, up from 250 the previous month.
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California experienced the most marked change, with the pace of growth down to 0.5% in July from 1.6% in June. Additionally, Los Angeles posted the biggest drop, with growth down 0.3% in July compared to 1.2% in June, respectively. On the reverse side, Texas posted an impressive uptick in home prices. Of the 40 largest metro areas, Austin, Dallas, Houston and San Antonio continued their upward trajectory, marking new home price highs in July. The overall point is that while data seems to fluctuate, the majority of the information concludes that the housing recovery is still a local phenomenon. Going forward, home prices will continue to slow for three reasons: more housing inventory, higher prices are turning investors off and rising mortgage rates.
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Housing market boosts confidence (From The Advertiser Series)
<img src='http://www.theadvertiserseries.co.uk/resources/images/2647266.jpg?type=articlePortrait' width='200px' alt='The improving housing market has helped boost confidence in the economy, according to review a survey’ style=’float:left;padding:5px’ />
These findings helped Lloyds’ overall consumer sentiment index to rise to an all-time high of 115 points in August, marking a 10 point increase since the start of the year. Patrick Foley, chief economist at Lloyds Bank, said the findings were “very encouraging”. He continued: “Increasing consumer sentiment may in time embolden consumers to spend, so helping to underpin the wider economic recovery. In turn, such spending would further help improve the outlook for growth and jobs.” A new high of 39% of consumers were feeling positive about the housing market, which has recently seen a surge in activity following Government schemes such as Funding for Lending which have improved mortgage availability and led to some lenders offering their lowest ever rates. House prices have also been back on an upward march in recent months, helping some home owners who have seen falls in the value of their property in recent years and who may have previously been stuck in negative equity. People living in Northern Ireland, which has seen some particularly sharp drops in house prices before more recent signs that prices are stabilising, were the most likely to be downbeat about the housing market.
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