Seventy-five percent of the metropolitan
areas tracked by the National Association of Home Builders (NAHB) for the
NAHB/First American Improving Markets Index (IMI) are now listed as
improving. A net gain of 15 markets
joined the list in February with 34 markets added and 19 dropping from the
list.
Improving markets are those that have
shown improvement from their respective troughs on each of three measures,
housing permits, employment, and house prices, for six consecutive months. Improvement is determined by data from the
U.S. Census Bureau (permits) Freddie Mac (home prices) and the Bureau of Labor
Statistics (employment.)

"This is the second consecutive
month in which every state is represented by at least one metro on the
improving list," observed NAHB Chairman Rick Judson. "The expanding housing recovery is energizing
communities nationwide by generating jobs and local tax revenues -- and it
could be an even more potent force for economic growth if credit for building
and buying homes was more readily available."
"With just over 75 percent of the
361 metros covered by the IMI now seen as improving, the housing market is on
considerably more solid footing than it was at this time last year," said NAHB
Chief Economist David Crowe. "While we expect this positive momentum to
continue, it's important to understand that many markets are just beginning the
recovery process, and that numerous issues - from credit availability to the
rising cost of building materials and emerging lot shortages - are slowing the
pace of that advancement."
"With the understanding that there are still a lot of uncertainties in the
regulatory arena, it looks like we are finally seeing the beginning of what
could be a broad and deep recovery of the nation's housing market," added Kurt
Pfotenhauer, vice chairman of First American Title Insurance Company.