Housing data released over the past few months clearly show a market in recovery, but that’s not to say the industry has fully bounced back, according to the MarketPulse report released Tuesday byCoreLogic Inc. However, even the modest recovery is good news for the economy in general, the report says.
“Housing is typically a sector that leads the economy out of recession,” the report reads. “This time, it has been a significant drag on recovery, though one that is finally fading.”
As home prices have steadied and risen during the past year, consumer spending has increased as well, the report says. The report also shows declining numbers of delinquent mortgages and foreclosed homes and climbing home prices, though total home sales have fallen year over year.
CoreLogic (NYSE:CLGX) estimates housing recovery could boost GDP a quarter-percent in 2012 and a half-percent in 2013.
CoreLogic’s most recent Housing Price Index for the Charlotte area shows local prices improving as well, while a separate report from the data firm shows foreclosure activity flat.
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