Info that hits HOME
Just to share some recent information, these are National numbers. I find it interesting that residential construction has dropped to 2.3% of GDP, the lowest level on record. Economists believe it will not go much lower, but who knows. Housing starts and permits are down 13% over a year ago. This may seem like bad news, but in our area it is actually good news for most homeowners. It means the builders, who have been stiff competition for sales wont be undercutting prices as much as they have been. National supply of existing home sales dropped to 8.4 months, which is pretty darn good.
More good news as March Housing Starts are UP 7.2% to a 549,000 unit annual rate. February starts were revised UP 6.9%. Also in the news, new Building Permits surged 11.2% in March to a 594,000 annual rate and were revised UP 3.3% for February. This is typical for this area, as most homes will be built starting in spring. Plus, Existing Home Sales are UP 3.7% in March and down only 6.3% compared to a year ago.
What does this mean? It means there are lots of numbers that are floating around. You know what your neighborhood looks like and what your friends are saying. Are property values still declining? Mostly. Are they rising, probably not. In my business we look at each home individually and that is the only way to know what is happening to your home. You may live in a community that is selling well and starting to see improvement. You friend might live in one that is terribly depressed and filled with foreclosures.