More Signs of a Real Estate Turnaround

More Signs of a Real Estate Turnaround
Housing confidence is up amid increasing evidence that the market is turning around.

The Adversity Index from MSNBC.com and Moody’s Economy.com reported signs of a turnaround in 33 of the nation’s metro areas.

While that’s less than 10 percent of all metro areas, it’s still significant, says economist Andrew Gledhill of Economy.com. "There are signs out there that builders are growing modestly more confident about their prospects,” he says.

Vallejo, Calif., where housing starts are up 440 percent compared to a year ago, leads the list of improving metros. In Longview, Tex., housing starts increased 263 percent. Others metros at the top of the list are Lawrence, Kan.; Ann Arbor, Mich.; Kokomo, Ind.; and Clarksville, Tenn.

Housing prices are also increasing in 140 metro areas compared to a year ago. The greatest increase was in Elmira, N.Y., where prices were up 10 percent compared to a year ago.

Source: MSNBC, Bill Dedman (06/19/2009)