Residential Real Estate is Slowly Improving!
NOVATO, Calif., Feb. 2 /PRNewswire/ -- There is mixed news on the real estate front. While progress is being made in leaving behind the worst residential real estate bear market in 67 years, this improvement is happening very slowly.
Winans International Real Estate Index (WIREI) Percentage Change Since December 31, 2008: |
||||||
U.S. |
West |
Northeast |
South |
Midwest |
||
Price |
4% |
(12%) |
14% |
(1%) |
(6%) |
|
Sales |
(23%) |
(24%) |
(11%) |
(23%) |
(24%) |
|
Listings |
(34%) |
(41%) |
(24%) |
(33%) |
(32%) |
|
New Housing Inventory = 10.2 months Length of Time for Sale = 13.9 months |
||||||
The table above shows that all regions have had declines in sales volume and in the number of listings during 2009. The Winans International Real Estate Index (WIREI) showed a price advance for the first time since 2006, due to the Northeast region's 14% increase in 2009. While this is encouraging news, housing's healing process still has a long way to go.
"A nationwide recovery in housing will probably not happen in 2010, and Winans International is staying clear of residential real estate investments at this time. Past real estate bear markets ended when new housing inventory was below 5 months, and the median length of time to sell a new house declined to 4 months. It could easily take another year to dry up excess inventory and for mortgage credit to ease," says Ken Winans, creator of the WIREI and author of the award-winning book "Investment Atlas."
The Winans International Real Estate Index (WIREI) measures U.S. new home prices from 1830 to present day. More information on the Winans International Real Estate Index can be found at www.winansintl.com & www.investmentatlas.com. Data can be purchased from www.globalfinancialdata.com
SOURCE Winans International
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