Housing Starts And Completions Flourish

The housing market maintains a promising future as monthly, and annual growth continues. Housing starts in 2012 were 28.1% higher than housing starts in 2011. Analysts found that as 2012 came to an end, housing starts gained strength. The majority of housing starts last year consisted of multi-unit buildings extending 31%, the highest percentage compared to single-family unit construction projects in nearly twenty years while multi-family units reached 20%. U.S housing completions grew 11% from 2011 to 2012, ensuring that the housing market continues on an upswing. More here

Foreclosure Crisis May Be At An End

The foreclosure crisis has come to an end according to Daren Blomquist, vice president of RealtyTrac and speaker at the 2013 REOCON Summit and Expo held in Dallas, Texas. Blomquist commented on REO starts and completions saying that approximately 10 million REO starts and 5 million REO completions took place from 2006 to 2012. Foreclosure rates began drastically decreasing in 2010 after the robo-signing controversy and REO properties began to fade while short sales grew. More here

Expected Boost In Previously Owned Home Sales in 2013

Last month’s pending home sales fell 4.3% to 101.7, and holds the potential to repeat the same results again this month. Still, economists expect the housing market  to gain momentum once more, sustaining growth and stimulating the economy’s progress throughout the year. Pending home sales overall for the last year grew 6.9 %. Economists with the National Association of Realtors have predicted that previously owned home sales will expand by 9%  this year. More here

Job Market Gains Momentum

According to the 2013 Alumni Perspectives Survey from the Graduate Management Admission Council, 92% of 2012 business and management graduates became employed soon after graduation, a number that has increased 6% from the previous year. Jonathan Masland, co-director of the career development office at the Tuck School of Business at Dartmouth College said,”I think that’s actually a sign of strength for the economy.” More here

Housing Market Helps Build Stable Economy

The U.S housing market is helping to build a more stable economy according to Fannie Mae. Chief Economist Doug Duncan at Fannie Mae said, “as fiscal policy debates subside later in the spring, we expect to see some upward trend in economic activity, with growth accelerating moderately in the second half of the year.” Experts expect the housing market to create more momentum for other markets and overall improve the economy with time. More here

Home Prices Increase 0.6%

United States home prices increased from November 2011 to November 2012  by 5.6 % according to the Federal Housing Finance Agency. Home prices have continued to grow  0.6% since October 2012 feeding the economy. Patrick Newport, an economist at IHS Global Insight in Lexington, Massachusetts said, “Rising prices are good news at this point and they are making the difference, it brings in more buyers and sellers and lubricates the housing market. It’s going to stimulate sales.” More here

Markets Closed Last Week On A Positive Note

The housing market ended last week on a positive note according to Zacks, a leading investment research firm. Housing starts reached their highest point since June 2008, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The U.S Department of Labor reported that initial claims have decreased to their lowest percentage in five years, and the NASDAQ surged 0.3% during the week. More here

Estimated 1.8 Million Americans Will Have Equity In the Next Year

CoreLogic, an analytics firm, stated that 1.3 million loan borrowers reached a positive state by mid 2012 while 100,000 borrowers had more positive equity territory by the end of 2012.  Mark Fleming, chief economist for CoreLogic said, “The number of underwater borrowers declined significantly. The substantive gain in house prices made in 2012, partly due to tight inventory caused by negative equity’s lock-out effect, has paradoxically alleviated some of the pain.” It is estimated that over 1.8 million borrowers will have equity in the next year if home prices continue to grow. More here

Housing Starts Create Ripple Effect

The Housing Market Index from The National Association of Home Builders has been released and conveys optimism. Housing starts remain growing, which in return, creates more jobs and more money spent by consumers. Gus Faucher,  senior economist at PNC Financial Services said “We saw housing starts fall by about 75 percent after the great recession, we’ve seen a modest recovery since then, but there’s still room to grow.” Inflation seems to be under control as well, keeping loan interest rates down. More here

Mortgage Applications Increase 15.2%

The Mortgage Bankers Association, a national association representing the real estate finance industry stated that the seasonally adjusted purchase index grew 13% from last week. Mortgage applications have increased 15.2%, and mortgage rates have slightly grown from the first week of January. Refinancing activity remained steady with a total of loan applications hovering around 82%. More here