If real estate is an economic indicator

Then Property Lines from the Indianapolis Business Journal should be of some interest and especially Good news for housing market?.

Local homeowners tired of all the bad news about the housing market likely will be encouraged by data in a recent Fortune Magazine article. The magazine studied the correlation between property values and rent rates, typically a reliable guide to the value of homes. The comparison between home values and rent rates was knocked out of whack during the housing bubble, so the magazine predicted how much of a correction will be necessary to return the order. Out of more than 50 cities considered, Indianapolis was one of only seven that would see home values increase in the next five years. The magazine predicts a value increase of about 7 percent. What’s your take?

Do read the comments to the article.