A number of recent conditions in the housing market have some experts predicting some economic upswing. The housing market was an integral part of the economic crisis, and the market has continued to be sluggish in its recovery, though some think that is changing now. This from Dailyfinance.com:
According to a report from the U.S. Commerce Department, new-home construction this year is likely to contribute to economic expansion for the first time in seven years. In the first and second quarters, residential construction added 0.4% and 0.2%, respectively, to U.S. GDP
According to CoreLogic, a leading provider of housing information and analytics, nationwide home prices rose 4.6% year over year in August, representing the largest annual gain in six years. And inventory of for-sale homes is currently at a 5.9-month supply, the lowest since March 2006. Not bad given that a six-month supply is usually considered a healthy inventory level.
Year-over-year nationwide home prices and sales of new homes have risen meaningfully, while inventories have declined markedly. Supply is finally starting to come in line with demand. See more of this article at Dailyfinance.com....