Two things made the Great Recession so bad: the collapse of leading financial institutions and the devastation of housing values. Its taken nearly forever for housing to begin its turnaround, but increasingly the evidence points in that welcome direction. Homebuilder confidence is rising nationwide, and while the iceberg of foreclosures still threatens to sink a housing recovery, its beginning to crack, if too slowly.
In the Triangle (including Johnston County) theres been a definite improvement this year. Home sales have grown by double-digit percentages, including a solid 26 percent in July. Pending sales are up by a similar amount, and the time a house spends on the market is down. Admittedly, those figures are gains from a dismal base, but gains they are.
Interestingly, the number of houses on the market inventory has declined. But thats likely due to the lack of price appreciation: many people whod like to sell are still waiting for a higher return. Meantime, with interest rates ultra-low, folks who can qualify for a mortgage have reason to cheer.