The poll turned to twenty U.S. cities and found that compared to last year, home prices are up 1.2 percent nationally.
David Blitzer, chairman of the index committee at Standard & Poor's stated "All in all, we are more optimistic about housing. Upbeat trends continue." The housing market has moved from being a damper on the economy to leading the nation out of the recession. Great news for people who own homes!
Improving home prices means a potential uptick in consumer spending, and more incentive for lenders to lend. According to Jim O'Sullivan, chief U.S. Economist at High Frequency Economics there is another positive, "less chance of mortgages turning delinquent."
Home builders have every right to feel more optimistic as well. Housing starts have increased by more than 20% over this past year, and rose 2.3% this last month!
In addition to all the good news, the Federal Reserve recently moved to force mortgage rates to new historic lows. The result could mean more first time home buyers diving into the housing market. The lower mortgage rates could also lead to existing homeowners refinancing to a lower monthly payment, which could help spur along consumer confidence and spending.
The bottom line, the U.S. housing market is slowly seeing improvement through higher prices, lower mortgage rates, and more consumer buying power. Homes that were under water years ago, may start to see some dry land. Time will tell, but it may be a good time to put the umbrellas away.
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