US housing – ‘rising from the ashes’.
The SP / Case-Shiller Housing Price Index was up 2 percent year over year in August, with numerous major cities posting much stronger increases, e.g. This is a tale worth repeating. Phoenix up just about 20%, Detroit up 7.5%, San Francisco up 5.3%. Those increases are the product of a smaller stockpile of houses for sale and the highest price ( home costs and mortgage rates ) in at least 4 decades. The homeowner vacancy rate in the US dropped to 1.9% in Q3, effectively completing the reversal of all the run-up seen in the US housing bust and recession. Given the scale of the impact of the US housing sector on the us economy, it appears to be increasingly as though the us economy will represent a beacon of industrial stableness in an otherwise untidy world. Finally, the US rental vacancy rate, steady at 8.6%, is at the lowest level in almost a decade.