New Madera subdivision is sign of rebounding housing market

MADERA, Calif.

"Actually I like them. So far I like the price as well; it's not a bad price for what you're getting -- the size of house. It's something we're thinking about," said Shaniece Guimont of Fresno.

And the homes are attracting interest from throughout the entire region.

"Fifty percent of the people from Madera are purchasing here in our community; the additional 50 percent are people from Bakersfield to San Jose," said Erika Lorenzo of Benchmark Homes.

Economist Henry Nishimoto notes an improving housing market is a key sign the economy is getting better

"It is one of the key leading indicators that we use along with auto sales. Auto sales have been real healthy in the last year and a half. The housing industry is now showing signs of rebounding, so things are looking really good," said Nishimoto.

One selling point to this development is freeway access and construction of a new shopping center in Fresno just south of the county line.

Housing prices right now are estimated to be about 20 percent below their peak in 2006, but they are rising. The nationwide forecast is 10-12 percent a month. California is about the same.

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