Inch by Inch

A new report, The MarketPulse™ Newsletter, released this month by CoreLogic, dips its toe ever so tentatively in the pool of optimism.  Mark Fleming, CoreLogic's Chief Economist, is not ready to break out the champagne and ticker tape but he sees some signs that 2012 could be the year that the housing market turns around--or rather, turns a corner...in a positive direction.
 
He notes that homeowners are paying off their debt and at the same time finding it easier to access credit, even tapping into Home Equity Lines of Credit (who knew anyone had any equity in his/her home?!).  While unemployment remains at record lows, the number of jobless claims fell below 2008 levels by the end of 2011 and private sector jobs are being created ever so slowly.  Builders aren't celebrating much either but builder sentiment is improving.  Even single-family housing starts began to improve by the end of 2011.
 
The rest of the newsletter is full of helpful observations as well, on subjects such as "Estimating the Excess Supply of Housing" and lots of colorful graphs to support their claims.  Recommended reading for anyone who is involved in the housing/real estate industries.