Housing Market Showing Signs of Improvement?

From the Wall Street Journal......

The number of housing markets showing signs of improved economic health grew from 23 to 30 nationwide, according to a market index produced by a housing industry trade group and a national title insurance firm.
Using statistics from Freddie Mac, the Bureau of Labor Statistics and the Commerce Department, the National Association of Home Builders and First American Financial Corp. identified 30 metro areas, including Winston-Salem, N.C., Pittsburgh, Pa. and New Orleans, La. where the three key economic indicators — home price appreciation, employment growth and housing permit growth — have been improving for at least six months. The NAHB examines about 360 markets nationwide. Two markets fell off the list from last month: Wichita Falls, Tex., and Iowa City, Iowa.
The cities included in the Improving Market Index correspond with recent data from Fiserv Inc. showing which metro areas have seen the biggest home-price improvement in the last year. Sumter, S.C., which has enjoyed a 10% increase in home values since the second quarter of 2010, made the NAHB’s list. So did Bismarck, N.D. (6.1%), Williamsport, Pa. (6%), Odessa, Tex. (1.7%) and Fayetteville, N.C. (1.1%).
Texas is a bright spot in the NAHB’s data. Eight cities in the Lone Star state — including Amarillo, Corpus Christi, McAllen, Midland, Odessa, Sherman, Tyler and Waco — have been improving for the last six months. Most of the other “improving” markets were in the Midwest (Kankakee, Ill.; Lima, Ohio; Waterloo, Iowa) or the South (Hinesville, Ga; Pine Bluff, Ark.; and Houma, La. — to name a few).
In the past, Developments has criticized the Improving Market Index for ignoring the national macroeconomic factors at play. NAHB’s response has been to point out that all real estate is local, and a locally oriented home price index is helpful to some investors more than others.
So far, improvement has yet to return to many major metro areas, which limits this index’s relevance. But it might show some early signs of where that elusive housing recovery will take hold.