MSNBC and Moody's Economy.com just released some encouraging data showing that Austin is among the first U.S. cities to move from "recession" to "recovering." Moody's Adversity Index--aptly named!--uses employment, industrial production, housing starts, and home prices to calculate an index that shows the status of metro areas around the country. The next step from "recovering" will be "expanding." Several other Texas cities also made the list (none in California did!).
For more details and to see an interesting interactive chart, check out the story from MSNBC. Or if you want to dig a little deeper, check out the brief profile from Moody's showing how they're expecting Austin to recover more quickly than the rest of the country with a relatively strong showing over the next several years. As if we needed more reasons to love Austin!
What does this tell you about timing the housing market? Unfortunately, it probably tells you that you missed the "bottom"...but that it's still a great time to buy. Timing markets is tough in the best of circumstances. If you have a medium- to long-term horizon, Austin's prospects look very bright!
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