Is the housing market turning the corner? The ill fated housing industry, long sullied and cast out for the next generation, has made a legitimate comeback on some cities and regions, such as Seattle, Portland and other areas.
To be sure, there are still foreclosures to wind through. The key question is if the housing sector has turned enough of the corner in enough cities, then it can go back to becoming a major driver for the economy. In the last 50 years, housing has almost always been a leading indicator to a recovery and for a recovery. That is, housing has historically led the way in recoveries, except this time due to the specific disasters that occurred this past decade in the industry.
If housing can further recover, it can speed up the recovery and push the overall economy back with it. The next 6 to 12 months will provide a great deal of evidence if this is the case or if the housing resurgence in several markets are exceptions to a problem that will still take a few more years to get back to full strength.