Home resales slipped last month; a temporary setback for the housing market’s recovery.
Sometimes, the housing data headlines tell just half the tale. May’s Housing Starts figures are proving to be a terrific illustration.
According to foreclosure data firm RealtyTrac, the number of foreclosure filings nationwide rose 9 percent in May.
The number of U.S. housing markets showing “measurable and sustained growth” slipped by 20, according to the National Association of Homebuilders.
According to the March Case-Shiller Index, home values rose in 12 of 20 tracked markets, and one remained unchanged.
After forging past its benchmark value of 100 in March, April’s Pending Home Sales Index dropped back to 95.5.
Foreclosures filings fell 5 percent between March 2012 and April 2012, and 11 percent as compared to one year ago.
The April New Home Sales report suggests that the market for newly-built homes is as strong as the market for existing ones.
Low mortgage rates are helping to make homes more affordable. It appears home buyers have taken notice.