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Is the housing market normal?

By Mark Hamrick · Bankrate.com
Tuesday, November 5, 2013
Posted 11 am ET

"Location, location, location."

The words are often used to describe the importance of selecting the best place for buying a home. All these years after the housing market blew up and caused a broader financial crisis, there are still huge differences among housing markets across the country.

Regarding foreclosure activity, Daren Blomquist, vice president for RealtyTrac, says, "Some states have dealt more quickly and maybe you would say more efficiently with foreclosures. And those are the ones where we've seen the numbers have come down."

In others, he says the courts have gotten involved and essentially caused a longer lag in cleaning up the problem.

What about home prices generally across the country? Blomquist says, "We've seen 17 consecutive months where home prices have come up on a year-over-year basis. And that started in March of 2012." He says nationally, the U.S. is still "over 30 percent below the peak of home prices back in 2006. But we've made significant progress on that front."

Bankrate Audio

Mark

Hamrick

Washington Bureau Chief, Bankrate.com

Daren

Blomquist

Vice president, RealtyTrac

Barbara

Whelehan

Assistant managing editor, Bankrate.com

Is the housing market normal?

Some cities and states have put the worst of the housing crisis behind but others are struggling to recover.

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