A study of housing foreclosures, unemployment rates, average home price, and number of building permits issued for new housing between 2007 and 2010 in the U.S. shows that, after initial increases in foreclosures (depicted in red in Figure 1) and unemployment (depicted in green in Figure 1), these rates leveled off between 2009 and 2010. From 2007 to 2009, there was a steady decrease in the number of building permits issued for new housing starts (depicted in yellow in Figure 1).
After a slight decrease from 2007 levels, average home prices (depicted in blue in Figure 1) in the U.S. began to level off between 2009 and 2010. The national average data, however, masks the considerable variation in statistics seen at the city level. Figure 2, which depicts average home prices for all 20 cities examined, shows that the severity of the problems vary greatly by region and locality. Of 20 cities studied, Houston (depicted in light blue at the top of Figure 2) had the most steady home price from 2007-2010, reflecting a slight price improvement over the 4 year period.
Note that data on building permits for all of 2010 is not fully available and thus the comparison can only be taken through 2009.
More about housing foreclosure: Resilience in the Face of Foreclosures: Six Case Studies on Neighborhood Stabilization (October 2011)
Figure 1: Housing Foreclosures, Unemployment,
Average Home Price, and Building Permits in the U.S.
Figure 2: Average Home Price
for 20 U.S. Cities
Charts designed for the National League of Cities by Linzi Eggers, Richard Cardoza, and Minji Kwon in the Graphic Design Department at The University of The Arts, Philadelphia PA, May 2011