Monday, March 19, 2012

In Fits and Starts, Homeownership Gives Multifamily a Challenge via GlobeSt.com

March wasn’t a stellar month for home ownership, given statistics from the newly-released Improving Markets Index, a joint venture of the National Association of Home Builders and First American Title. The newly-released Index shows that the number of housing markets tweaked up just a bit—to 99 in March, remaining virtually flat.

Currently 33 states, including the District of Columbia, are represented by at least one market on the list. New entrants on the IMI in March include Orlando; Rochester, NY; Columbus, OH; and Austin and San Antonio, TX. The index gauges these markets through several markers including housing permits, employment and house prices.

NAHB chief economist David Crowe notes that, after an extended period of growth, the March IMI held virtually flat at just under 100 metros. “This is consistent with NAHB’s projections for a gradual but patchy recovery in which some month-to-month softening is likely, particularly in places where the measurable gains have been very small,” he says. “The bottom line is that roughly one quarter of all US metropolitan areas are showing signs that their housing markets have turned the corner, which is a very positive development.”

Read more...GlobeSt.com - In Fits and Starts, Homeownership Gives Multifamily a Challenge - Daily News Article

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