In Miami, condominiums are hot again.
In Phoenix, builders are opening new communities.
In New Jersey, buyers are finding it takes about three years to foreclose on a property.
In Atlanta, home prices are down 14 percent annually, thanks to a new wave of foreclosures.
In California, more than half of all home sales in February involved distressed properties, but sales were up 5 percent month-to-month.
In Northern Virginia, a half-million dollar home just sold in less than a week.
The housing recovery is under way in fits and starts, but it is volatile, and it is local.
“I believe that we’re very close to the inflection point,” JPMorgan Chase CEO Jamie Dimon told CNBC recently. “People look at prices that are still coming down, but all the other signs are pointing green.”
Home prices nationally are downaround 4 percent from a year ago, according to the latest report from S&P/Case-Shiller. While price declines are decelerating, that’s a new low for the index, which is now down 34.4 percent from its peak in 2006.
“Our view is that foreclosures, excess supply, and weak demand will drive home prices as measured by the Case-Shiller indices down at least another 5 percent,” says Patrick Newport ofIHS Global Insight.
Newport points to the following negatives: 12 percent of homeowners with mortgages (i.e., more than 6 million homeowners) were either delinquent on their payments or in foreclosure at the end of the fourth quarter, according to the Mortgage Bankers Association; 22 percent of residential properties with mortgages are currently underwater, according to CoreLogic.