The housing bust is finally over after nearly seven years. The numbers and trends are now convincing to prove the market has turned. So what are they?
We finally saw some rising home prices in the slow-moving S&P/Case-Shiller house-price data after seven months of consecutive declines.
Nearly 10% more existing homes were sold in May 2012 versus May 2011 – many purchased by investors who plan to rent them for now and sell them later.
The inventory of existing homes for sale has fallen close to the normal level of six months’ worth, and the fraction of homes that are vacant is at its lowest level since 2006.
Builders began work on 26% more single-family homes in May 2012 versus May 2011. In fact, housing construction in each of the past four quarters has added to economic growth.
The stock of unsold newly built homes is back to 2005 levels.
According to The Wall Street Journal, housing is unlikely to drag the U.S. economy down further. It will instead reflect the strength or weakness of the overall economy: The more jobs, the more confident Americans are about keeping their jobs, the more they are willing to buy houses.

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Warmest Regards,
Riccardo Ravasini