Solid gains in both single-family and multifamily housing production is reported by the National Association of Home Builders. Nationwide, housing starts rose 12.1 percent to a seasonally adjusted annual rate of 954,000 units in December, according to newly released data from the U.S. Commerce Department. This is the highest level of new home production since June of 2008.
The housing market is getting healthier. The number of foreclosed and real estate-owned properties on the market is diminishing, thus pushing home prices up to more realistic levels. The foreclosure inventory has been falling as requirements from the national mortgage settlement "influence the pace of first-time foreclosure starts," Lender Processing Services stated in a recent report.
Considering the improving job market, low mortgage rates and low home prices, 2013 is expected to be a very good year to buy or sell a house, said Patrick Newport, a U.S. economist with IHS Global Insight, as quoted in a National Association of Realtors article.
Key industry information sources suggest that more than 5 million homes had been foreclosed and sold as a result of the recent housing crisis, and some anticipate another 8 million to 10 million more foreclosures will make their way through the pipeline over the next few years.
For many years, consumers were purchasing ever-larger homes. Then about five years ago, the trend turned to smaller homes. Today, there's yet another shift, back to larger homes. "Homeowners are desiring bigger spaces again, following five years of downsizing trends,” it was stated in a recent article published by the National Association of Realtors.
Sure, there are well-publicized negative factors that influence the housing recovery. But there are also very strong positives that are more apt to dominate the path of recovery in 2013 and beyond. Increasingly, economists are changing their signs on the recovery path, from "Danger, muddy road ahead" to "Prepare for good times."
Catastrophic natural events can have an unnatural impact on the home-selling market. An example is seen in the aftermath of Hurricane Sandy along the East Coast. That event changed many prospective buyers’ thinking and dreams about owning a seaside residence.
For decades, the traditional move for retiring seniors was from their long-established homestead residence to smaller, more senior-friendly retirement homes.
In today's home-selling market, it's difficult for buyers to qualify for needed mortgage financing and for sellers to find capable buyers. It's a scenario that calls for unconventional thinking and action.
A new study recently completed by two California universities puts a new spin on the effects of homeownership on children in owners’ families. The study showed that homeownership is associated with lower high school dropout rates and lower teen birth rates, according to professors Richard Green and Gary Painter at the University of Southern California [...]