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Call it a housing recovery, but not a boom

By Marcie Geffner - Bankrate.com

U.S. housing markets are in a recovery. But the rebound from the depth is modest, and how long the housing recovery will last is anybody's guess.

Evidence of an upswing is so plentiful that Rick Sharga, executive vice president of Carrington Mortgage Holdings, a real estate company in Aliso Viejo, Calif., says "virtually every metric" points to a housing recovery.

Specific numbers vary, as always, from one month and one locale to the next, yet it's clear that, on a national basis, sales of both brand-new and existing homes are up, prices are up, residential building permits are up, and sales of bank-owned foreclosure properties are down.

"A market that was at an incredibly low point has stabilized and is showing signs of getting better," Sharga says. "But it's all relative. We're not looking at a boom. We're looking at a slow and steady recovery."

Read on: http://www.bankrate.com/finance/real-estate/housing-recovery-not-boom.aspx



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