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Recovery in housing segment continues to bolster in May


Housing conditions remained strong in May.

There was a slight slip in the number of continually improving housing markets in May, but the overall figure still was considerably healthy compared to past months, a new report details.

The total number of housing markets that had gains in employment, unit prices and new permits for six months or more, fell to 258 in May, according to a report from the National Association of Home Builders. This was down from April's level of 273, but was still accounted for more than 70 percent of all markets in the country.

"While seasonal trends in home prices resulted in an overall decline in the IMI this month, the index remains at a very strong level and continues to represent markets in every state," said David Crowe, chief economist for NAHB.

NAHB chairman Rick Judson noted that while the market is still heading in the right direction, obstacles - chiefly, mortgage credit remaining tight at lenders nationwide - are still preventing the sector from returning to pre-crisis levels.

With still-strong housing situations throughout much of the country, there still may be a boost in mortgage activity to come. Another supporting factor of this situation may be home price gains. A report from Lender Processing Services showed that home prices rose more than 7 percent in February compared to the same point in 2012.

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