Market Conditions
Market Conditions
Remodeling Spending To Tick Up Through Mid-2025
The Leading Indicator of Remodeling Activity report says things will trend up after a modest downturn
NAHB
NAHB: Remodelers Face Challenges and Opportunities
Remodelers face a uniquely strong market yet remain challenged by codes and costs
NAHB
NAHB Announces Action Plan for Housing Affordability
Six of the proposed 10 action items are important to residential remodelers
Market Conditions
Metros with the Highest and Lowest Remodel ROI
First-time homebuyers can find fixer-upper listings priced between 5 to 10% lower than move-in ready homes. The high return on investment of these projects shows that remodeling remains a strong option to navigate the current housing market
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Shadow Inventory of Homes Higher in 2010
The housing market’s “shadow inventory”—unlisted bank-owned homes and potential foreclosures—rose compared to 2009, according to a report by the Wall Street Journal. A report by CoreLogic, a real estate research firm, estimated that there were 2.1 million units in the shadow inventory in August, or about an eight-month supply. The number increased by 10 percent over August 2009.
Federal housing scorecard: Housing market recovery still fragile
The Obama administration’s monthly Housing Scorecard for November indicated that although the housing market remains fragile, home prices continue to stabilize and home affordability is up. The report noted that both new and existing home sales decreased compared to the first half of 2010, but this was expected following the expiration of the home buyer tax credit.
NAR survey: First-time home buyers increase in 2010
A survey by the National Association of Realtors (NAR) showed a major increase in the number of first-time home buyers in 2010. The 2010 NAR Profile of Home Buyers and Sellers surveyed consumers who purchased a home between July 2009 and June 2010. Fifty percent of purchasers during that period were first-time buyers, up from an average of around 40 percent during the last decade.
Drywall prices expected to rise in early December
Major U.S. drywall produces plan to raise prices by up to 25 percent in the next month, according to a report by The Philadelphia Inquirer. USG Corp. announced the price increase Nov. 3., followed by similar price increase announcements from CertainTeed Corp., National Gypsum Co., Lafarge, and Temple-Inland Inc.
NAR survey: Half of metro areas show increase in median home prices
Nearly half of the metropolitan areas tracked by the National Association of Realtors (NAR) showed modest increases in single-family home prices compared to last year. NAR’s latest survey showed that 77 of 155 metropolitan statistical areas (MSAs) had higher median existing home prices in the third quarter of 2010 than the third quarter of 2009. Eleven of those had increases in the double digits.
ServiceMagic Report: Remodeling Requests Down in Third Quarter
ServiceMagic.com, a website that connects homeowners to prescreened, customer-rated contractors nationwide, released its annual Home Modeling & Repair Index for the third quarter of 2010. The company used its own data, plus surveys of service providers and consumers, to measure trends in home improvements.
Election Results Could Affect State-Led Foreclosure Investigation
The results of Tuesday’s elections could have a major effect on the 50-state probe into the country’s foreclosure issues. Two of the investigation’s key proponents, Ohio Attorney General Richard Cordray and Florida Rep. Alan Grayson, lost their bids for re-election, according to a report by the Wall Street Journal.
U.S. Homeownership at Lowest in Over a Decade
The U.S. homeownership rate is at its lowest level since 1999, said a report by the Wall Street Journal. According to the Census Bureau, 66.9 percent of households owned their homes. In 1999, the rate was 66.7 percent.
Americans Less Likely to Spend on Home Improvement When Home Prices are Low
American homeowners may not spend significantly on home improvements in the near future, according to report by the Wall Street Journal. Americans tend to spend more on home improvement as home prices rise, since they are likely to see a return on their investments.
Last Minute Mortgage Credit Checks Could Cause More Headaches for Borrowers
Fannie Mae’s new policy of running a last-minute credit check on borrowers during the last few weeks before closing a mortgage may cause added issues for consumers, according to a report by the New York Times. The guidelines, which were introduced this summer, aim to find out if borrowers changed jobs, applied for other loans or fell behind on bills, like appliances, in between applying for and closing on a mortgage. Freddie Mac has initiated similar guidelines, which will go into effect in February.