Housing Emerges as Economic Bright Spot

Here's some news remodelers and builders may have never expected to see again. From today's Washington Post:

"The nation’s housing market is surging again after years of historic declines, and the unique forces powering its return could last well into 2013.

"The number of homes for sale is at its lowest level since before the recession, sparking competition among buyers that has led to 10 straight months of price increases. The volume of activity is the highest since 2007.

"Builders broke ground in December on the most new housing developments in four years. And interest rates on mortgages are expected to remain near all-time lows through much of the year, galvanizing once-skeptical buyers.

"Together, those factors have helped the beleaguered housing market regain its footing and emerge as one of the economy’s bright spots this year.

"...The return of real estate marks a key milestone in the country’s economic recovery — and not only because it was at the root of the collapse. A healthy housing sector could boost gross domestic product by more than $400 billion, based on housing’s historical portion of the overall economy. It is also a major source of new jobs in construction and indirectly supports industries as varied as retail and local government."

Amen to that.



Go to the main site of daily5REMODEL.

Go to the home page of this blog.