It won't necessarily be a smooth or even recovery (if such thing exists) but industry watchers say the long-awaited housing recovery may finally be underway. Rick Sharga, executive vice president at Carrington Mortgage Holdings, tells The Daily Ticker that he believes the housing recovery is sustainable.
The data Thursday showed improvement in the housing market. The National Association of Realtors' pending home sales index jumped 5.2% to 104.8 in October, a four year high. It's the 18th straight monthly increase for the forward-looking indicator.
The trends varied by region with the Northeast seeing some impact from Superstorm Sandy.
"Contract activity surged in the Midwest and is showing very healthy gains in the South, but was down slightly in both the Northeast and West," said NAR chief economist Lawrence Yun in a press release. Still, all regions were up from a year earlier. All regions posted double-digit returns except for theRead More »from Hold Your Enthusiasm: Housing Will Be a “Gradual, Grind-It-Out Recovery”