A winded summary
Following the mortgage crisis which we are not so fondly reminiscent about, a number of homes were foreclosed and large scale projects put to a complete stop. The effects were absolutely devastating for many and a reoccurring echo of irresponsibility by many of the big players within the industry by homeowners and average Joes. Despite this, today we can see a significant return to the natural state of the market. Late this July, Trulia, created a neat info-graphic for us to see the results of their research.
We Are Approaching a Full Housing Market Recovery
All signs within the Housing Market point to a healthy recovery. The number of mortgages have begun to increase, the number of home renovation and remodeling projects have increased steadily, and the cost of homes have begun to rise to their normal levels. Even creditors are less shy about extending a helping hand to more people. Most cities have seen increases in all of these sectors of up to 20%. New York has seen a 6.6% gain in all sectors and remains relatively stable, indicating that it is unlikely to bubble again. Again, Trulia had this to say about the market Housing Market.
Warren Buffet, also had some good thoughts about the market!
What does this mean for the average Joe?
Companies like Zillow are attaining more market shares everyday. If Warren Buffet agrees, and so does Trulia, its very likely that we’ve reached a point where we can feel safe taking out a mortgage or starting a new remodeling project. We’re headed to the future, and the crash will likely be a blip, or a thing of the past which we’ve all worked together in fixing. So we can expect that the cities of America will continue to advance their infrastructure, and families will continue to expand onto new and better homes.