Buyers and sellers take note: the housing recovery is real, according to Moody's Analytics Chief Economist Mark Zandi.
"We're in the early stages of a good run in the housing market. The house price gains are very strong... the numbers are looking pretty good. The higher mortgage rates don't help. They are a hamper on the market but hopefully they don't rise too much further from where they are today until the job market really kicks in..."
This comes on the heels of some robust housing numbers out this week. New-home sales (XHB) rose 2.1% in May, according to the Commerce Department. The Standard & Poor's Case-Shiller index rose 12.1% for existing-home prices in 20 metropolitan areas in April. That's the largest rise since 2006, according to Reuters.
Zandi notes that nationally there's a pent-up demand for new homes, while potential home sellers are waiting until prices rise even further. The memory of 2007 peak home prices remains strong...
Of course, that bubble popped.
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