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There is a lot of chatter right now about the housing market finally recovering, but it sounds pretty similar to what's been said over the last couple of years.

Considering income has fallen in the last few years while inflation has been a couple of percentage points, the "green shoots" in the recovery are most likely just illusions at this point.

Still, the data seems pretty clear: rental vacancies are down, fewer new homes are on the market, and sales are up quite a bit over the last year. Market Watch reports:

Rental vacancies are falling, rents are increasing and multifamily construction is on the rise, the report points out. Existing-home sales were up 5.2% in the first quarter, compared with year-ago levels, and sales of newly constructed homes were up 16.7% in the first quarter, compared with a year ago.

That's not all. As Bloomberg reports, home owners are refinancing, and then paying more on their loans to build up equity. Foreclosures are also on the rise, so a lot of the above news is going on while foreclosures are hitting the market.

For those who agree with me that a house is a great investment, this looks like a great time to begin looking for a house -- possibly a foreclosure.

Or, putting money into an REIT soon for a company that purchases and manages single-family homes to an extent, like TWO, PMT, or CIM.

Source: Housing Market Starting To Recover?

Additional disclosure: I'm looking to purchase a foreclosure in the near future.