by Rick Delgado
on Monday, October 15th, 2012 at 12:15pm.
INFO THAT HITS US WHERE WE LIVE... Opportunity is finally popping up all over the U.S. housing market. Confirmation of that fact came last week in the Federal Reserve's Beige Book, which contains anecdotal findings on the state of the economy in the Fed's 12 districts across the country. The Beige Book noted that even though economic activity has only modestly improved in recent months, the housing market has shown "widespread improvement."
Industry observers echo this, saying the only economic bright spot is the rise in some home prices, although this has largely been tied to the drop in supply In fact, a new report from a major online real estate market put the number of homes for sale nationwide down 19.4% for the year ending September 30. In addition,according to a leading real estate data aggregator, shadow inventory is down 10.2% from July a year ago. Shadow inventory includes distressed homes likely to hit the market soon. Experts say fewer distressed homes for sale also relieves downward pressure on prices.