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Housing Sales Data

PMI's Current Housing Economic Forecast:

Northeast Region

"Despite its high concentration of financial services firms, the Northeast is still experiencing a milder recession than other parts of the country. The region continues to suffer from job losses, mainly accruing to the downturn in the financial services and housing sectors, but began to see some moderation of that decline during the first quarter – with the seasonally adjusted unemployment rate at 7.6 percent, compared with 6.2 percent during the fourth quarter.

Northeast region has experienced the least severe decline in the housing market. The median single-family house price has fallen by 12 percent from its peak in the Northeast – the smallest decline in the nation. It also had the lowest share of subprime mortgage originations of any region between 2005 and 2007, and a lower than average share of investor or second- home buyers during those years, as well. Collectively, these factors have helped to moderate the severity of the current recession."

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