CoreLogic's May MarketPulse report, released today, looks at the housing recovery and concludes that it is not occurring evenly across the U.S, but is "concentrated in geographies that are either recovering from the boom-bust cycle or exhibiting strong economic fundamentals and strengthening demographic demand."
According to CoreLogic Chief Economist Dr. Mark Fleming and Deputy Chief Economist Sam Khater, the forces contributing to the recovery have shifted from the traditional business equipment and software investment to a recovery residential investment.
Other key findings include:
- Most markets have reached consistent price recoveries in only the last year or two.
- Real estate recovery remains a local phenomenon; the Pacific and Mountain Census Divisions for example, experienced the most severe price declines but are recovery the most quickly.
- The supply dynamics between new homes for sale and foreclosure and short sale inventory are shifting.
- Delinquencies and shadow inventories are declining but again the changes vary by geography.
- The recovery in new home sales is acting like a targeted economic stimulus package.
The current issue of MarketPulse can be read here.
