Only 17% of metros have recovered from the housing crash

Julie C. Nichols General – Trey Garrison

Only about 17% of the 350 metro markets in America have seen a return to or growth beyond their last normal levels of housing activity, according to the National Association of Home Builders/First American Leading Markets Index. Exactly 59 metros can be said to have fully recovered. This represents a net gain of 11 metros year over year. Notably, a large number of the most recovered metros are in and around renewed petroleum activity – places in West Texas and North Dakota.

The index’s nationwide score ticked up to .88 from a March reading of .87. This means that based on current permit, price and employment data, the nationwide average is running at 88% of normal economic and housing activity. For single-family permits and home prices, 2000-2003 is used as the last normal period, and for employment, 2007 is the base comparison. A little more than a quarter of metros saw their score rise this month and 83% have shown an improvement over the past year, the report says.

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