FORGET ALL THE HOUSING COMEBACK TALK: Here’s Why The Market Is Still A Disaster

house, housing, real estate

[credit provider=”Flickr / erix!” url=”http://www.flickr.com/photos/erix/282592630/in/photostream/”]

Many experts argue that the U.S. housing market has turned the corner. Some – like Wharton professor Jeremy Siegel – have argued that it’s one of the few bright spots that will drive economic growth.But is the housing recovery all that certain? The Fed’s decision to purchase $40 billion of agency MBS a month certainly suggests that it isn’t as confident as housing bulls would have us believe.

And some markets – like Illinois, New York, and much of the Northeast United States – are getting worse.

We put together 14 charts that highlight the many nagging doubts that are still out there about the much-touted housing recovery.

Note: Special thanks to Keith Jurow, author of Minyanville.com’s Housing Market Report, for contributing charts and data to the piece. You can read Jurow’s articles on Business Insider here.

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[slide
permalink=”expectations-for-higher-home-prices-have-been-declining-in-recent-months-1″
title=”Expectations for higher home prices have been declining in recent months.”
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[slide
permalink=”revisions-to-housing-starts-have-turned-negative-2″
title=”Revisions to housing starts have turned negative.”
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[slide
permalink=”the-number-of-people-applying-for-new-mortgages-has-yet-to-climb-3″
title=”The number of people applying for new mortgages has yet to climb.”
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[slide
permalink=”the-shadow-inventory-is-starting-to-decline-but-its-still-at-extremely-elevated-levels-4″
title=”The shadow inventory is starting to decline, but it’s still at extremely elevated levels.”
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image=”http://static.businessinsider.com/image/506369da69beddfc7d000004″
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[slide
permalink=”in-some-markets-banks-are-selling-less-of-their-inventory-of-unoccupied-houses-so-it-will-take-longer-to-clear-out-the-shadow-inventory-5″
title=”In some markets, banks are selling less of their inventory of unoccupied houses. So it will take longer to clear out the shadow inventory.”
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[slide
permalink=”the-amount-of-time-it-takes-to-process-a-foreclosure-is-rising-which-is-another-sign-that-shadow-supply-is-being-held-off-the-market-6″
title=”The amount of time it takes to process a foreclosure is rising, which is another sign that shadow supply is being held off the market.”
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[slide
permalink=”in-some-markets-like-illinois-foreclosures-are-on-the-rise-7″
title=”In some markets, like Illinois, foreclosures are on the rise.”
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image=”http://static.businessinsider.com/image/5051235a69bedd2979000019″
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[slide
permalink=”in-new-york-pre-foreclosure-notices-are-surging-8″
title=”In New York, pre-foreclosure notices are surging.”
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[slide
permalink=”in-california-mortgage-delinquency-rates-are-staggering-9″
title=”In California, mortgage delinquency rates are staggering.”
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[slide
permalink=”price-per-square-foot-is-down-in-almost-every-major-market-in-the-northeastern-us-10″
title=”Price per square foot is down in almost every major market in the northeastern US.”
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image=”http://static.businessinsider.com/image/506351fd69bedd823f000013″
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[slide
permalink=”delinquency-rates-are-staggering-in-the-15-worst-major-metro-housing-markets-11″
title=”Delinquency rates are staggering in the 15 worst major metro housing markets.”
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[slide
permalink=”if-loan-modification-programs-dont-pick-up-subprime-mortgages-in-foreclosure-will-continue-to-surge-12″
title=”If loan modification programs don’t pick up, subprime mortgages in foreclosure will continue to surge.”
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image=”http://static.businessinsider.com/image/5069ca8f6bb3f75e4d00000e”
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[slide
permalink=”re-defaults-on-mortgages-modified-between-2008-and-2011-are-rising-13″
title=”Re-defaults on mortgages modified between 2008 and 2011 are rising.”
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[slide
permalink=”everyone-points-to-the-case-shiller-index-to-make-the-case-that-housing-has-bottomed-but-weve-seen-a-bump-before-and-as-we-have-seen-in-the-previous-charts-this-doesnt-tell-the-whole-story-14″
title=”Everyone points to the Case-Shiller index to make the case that housing has bottomed. But we’ve seen a bump before, and as we have seen in the previous charts, this doesn’t tell the whole story.”
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image=”http://static.businessinsider.com/image/5064aaaaeab8eae133000006″
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[slide
permalink=”now-here-are-the-best-housing-markets-15″
title=”Now here are the best housing markets…”
content=”The 15 Best Housing Markets For The Next Five Years >
image=”http://static.businessinsider.com/image/502121faecad043f6b000000″
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]
[/slideshow]