It’s been a year since the start of the Great Recession but it appears that the slow recovery of the US housing market is almost complete. Most markets have returned to normal according to an analysis by the Joint Center for Housing Studies of Harvard University. Its State of the Nation’s Housing report shows that housing demand and prices are rising along with residential construction and the number of distressed homeowners has fallen sharply. However, it’s not all good news as the well-documented tight supply hindering many markets is hitting affordability and supply of new homes continues to lag demand.
Source: Mortgage Professional America