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NUMBER OF IMPROVING
MARKETS SPIKES
The National Association of Home Builders
(NAHB)/First American Improving Markets
Index (IMI) continued its trend of marked
monthly improvement in January. The index rose
for the fifth consecutive month to reach 242, once
again achieving a new record high. The index
measured 201 in December 2012.
The IMI measures relative economic
growth based on local market movement using
employment, housing permits, and home
prices as a gauge. Markets showing at least six
consecutive months of measurable growth from
the indicators' respective troughs earn a spot on
the "Improving Markets" list.
According to the NAHB, the index's
directory of improving markets now includes
entrants from 48 states and the District of
Columbia. The only states not represented are
Kansas and New Mexico.
Forty-seven new metros were added to
January's list while six were dropped. New names
last month included the likes of Los Angeles,
California; Auburn, Alabama; Des Moines,
Iowa; Richmond, Virginia; and Cleveland, Ohio.
"We created the improving markets list in
September of 2011 to spotlight individual metros
where—contrary to the national headlines—
housing markets were on the mend," said NAHB
chairman Barry Rutenberg. "Today, 242 out of 361
metros nationwide appear on that list, including
representatives from almost every state in the
country. The story is no longer about exceptions
to the rule but about the growing breadth of the
housing recovery even as overly strict mortgage
requirements hold back the pace of improvement."
While the IMI has shown remarkable
growth since its inception—reaching
approximately 20 times its starting total—
NAHB chief economist David Crowe warns the
list might slip in coming months as winter sales
data arrives.
"The IMI has almost doubled in the past
two months as stronger demand during prime
homebuying season boosted prices across a broader
number of metropolitan areas," Crowe said.
"Similar home price gains, and hence the IMI,
may be tempered in the future as we see data from
typically slower months for home sales."
KNOW THIS
Residential
Capital's
bankruptcy
filing last May
was the "biggest
mortgage
casualty" of
2012, according
to Mortgage
Daily's year-end
report.
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