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Housing Market Showing Signs of Life?

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  • Description

    FBN’s Gerri Willis on the positive signs for the housing market.

  • Duration 2:34
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Today we talked about how most of us are not better off than we were four years ago.

Whether you're looking at our overall national debt of sixteen trillion dollars or.

Maybe just the pocketbooks of regular Americans median incomes are down 4000.

Bucks since the president took office.

I think you gotta agree things could be better.

But one quarter of the economy is really showing some life out there and it's housing.

Just today the National Association of Realtors said this the amount of time new -- -- the market is getting shorter.

It's now 69 days a year ago it was 98 at some percent.

What's more asking prices are up just 2.3 percent but still hire the right direction.

The case Shiller report issued just last week as we reported showed US home prices rising in -- in the second quarter.

With the first positive annual growth rate since the summer of two when he -- -- -- now I predicted on the show for some time -- housing will recover back in May of 2011.

I have this to say.

Look clearly confidence in the housing market is an all time low housing values have plummeted.

-- -- just the latest in the series of economic bubbles with a popped like tech stocks did more than a decade ago.

I don't know if you've noticed the tech stocks are back and and that way housing will come back to.

Look now even housing common shares like Robert Shiller are having to can see that the housing market is looking stronger.

But it remains at least one large dark cloud on the horizon and that is the inventory held by banks.

-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- About one point three million homes at 3.2 percent of all homes with a mortgage.

Were in the national foreclosure inventory as of July that's slightly down from a year ago when it was one point five million or 3.5 percent.

And that's gonna keep prices from going up fast anytime soon remember the market fell 30% that's prices.

More in some markets we have a long way to go into -- back to 2006 pricing levels.

However positive signs are there the market is bottoming and beginning it's inevitable trend higher.

Even so some people tell me well it's time to become -- -- of -- Here's what I say.

I've covered the housing market for years and frankly I've never heard as much negativity about the housing market as I do today.

I don't get it.

But the reality is this some day it will recover.

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