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Housing market still on the path to recovery

11.29.2012

Last month, construction starts spiked 4 percent from September to an annual rate of 894,000 units.

The real estate industry gained considerable momentum so far this year and is starting to return to levels of activity experienced at the housing market's peak.

Based on construction rates, existing-home sales and foreclosure activity, the housing market is 47 percent back to "normal," according to Trulia's latest Housing Barometer. Although the sector still has a long way to go, this was a considerable improvement from 25 percent in October 2011.  

"Not only is the housing market closer to normal than at any other point since the crisis, the recovery is also accelerating," said Trulia chief economist Jed Kolko.

Last month, construction starts spiked 4 percent from September to an annual rate of 894,000 units, the report said. This is the highest level of activity recorded in years. Meanwhile, existing-home sales increased 2 percent on the same basis to an annualized rate of 4.79 million transactions.

The mortgage delinquency and foreclosure rates fell to the lowest level in the wake of the housing market collapse, at just 10.64 percent. Although the rate is still in the double digits, this was an improvement from 11.27 percent in September and 11.88 percent in October 2011.

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