Housing Market Looking GoodNational headlines are beginning to predict an upbeat housing market in 2012. As Julie Schmit of USA TODAY reports, “Optimism is building that the housing industry is nearing a bottom—finally.”
Here is some good news excerpted from Schmit’s “Housing Outlook is More Upbeat,” in today’s edition of USA TODAY.
Housing’s outlook is brightening with signs of a better economy. Last month, U.S. employers added 200,000 jobs, and the unemployment rate fell to 8.5%, lowest in nearly three years.
While an economic shock could derail progress, “there’s now more evidence of improvement in the economy, and housing will follow the economy,” says David Crowe, chief economist of Home Builders. More improvement is expected for:
Sales. Existing home sales will rise 12% this year after a 2% increase last year, and new home sales, coming off a bad year, will jump 74% this year, Moody’s Analytics predicts.
November’s existing home sales hit their highest mark in 10 months, and new home sales were the year’s second-best, IHS Global Insight says.
Construction. Single-family housing starts will rise 37% this year, Moody’s predicts, after falling 9% last year.
Home builder stocks are on a run. The S&P 1500 home building index is up 38% since mid-October, vs. 7% for the S&P 500.
To find out how this data affects your home in the central Minnesota area, contact Tami and Steve today. steve@tamiandsteve.com.
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Tami DeLand and Steve HansenSt. Cloud MN and Central Minnesota REALTORS
Coldwell Banker Burnet
(320) 258-6675
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St. Cloud Real Estate, Condos, Homes for SaleCentral Minnesota Real Estate---
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