Despite concerted efforts by Republicans in Congress to stall the economic recovery, new reports indicate that the housing industry is finally bouncing back, especially in California:
Housing is snapping back faster than many economists had expected, with home builders stepping up production of new homes nationally and fresh foreclosures in California falling to their lowest level since the early days of the bust.
Demand for housing has surged as interest rates have plummeted and home prices in many markets appear to have bottomed, particularly in states such as California where inventories of foreclosures and other lower-priced homes have sunk. The turnaround in prices and record-low supply of newly built homes also are luring builders back after six years of pain.
“The numbers are strong in September, and that is definitely a positive sign,” said Celia Chen, a housing economist with Moody’s Analytics. “It is confirmation that housing is lifting off the bottom.”
Any good news on the economy is bad news for Mitt Romney and his party right now, because it undercuts their central argument for voting against the president.