9 Positive Signs About Housing!
We’ve needed something positive to show us that the housing industry is turning around. Here are nine reasons posted byHousingZone.com that tell us we might be looking at a better 2012 than 2011 in the residential construction market.
1. Unemployment drops to lowest point since 2009
The unemployment rate is at 8.6 percent, according to the Bureau of Labor Statistics report released today. That’s down from 9 percent last month and the lowest rate since March 2009.
2. Pending home sales up 10.3 percent in October
Pending home sales rose strongly in October and remain above year-ago levels.
3. Housing affordability at record levels
One benefit of this downturn is that housing affordability is near its highest level in more than twenty years. That means more long-term opportunity for remodelers as people get into houses they can actually pay for, unlike the boom years.
4. Consumer confidence up heading into year-end
While still depressed from the levels seen in a healthy economy, consumer confidence rebounded in November, according to the latest Conference Board monthly survey.
5. Existing home sales make surprising October jump
Existing-home sales improved in October while the number of homes on the market continued to decline, according to the National Association of Realtors.
6. Residential construction spending up 3.4 percent
Construction spending on residential properties was up 3.4 percent in October, according to the U.S. Commerce Department.
7. Construction industry adds most jobs since 2006
Positive news on the job front today as payroll-processing giant ADP reports that November saw another 206,000 jobs added to the private business sector, well above what economists were projecting.
8. Builder confidence at 18-month high
Builder confidence in the new single-family homes market rose by three points to 20 on the NAHB/Wells Fargo Housing Market Index (HMI) for November.
9. Single-family starts increased in October
Single-family housing starts rose 3.9 percent to a seasonally adjusted annual rate of 430,000 units in October, according to the U.S. Commerce Department.
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