Cash-in rate for mortgages at record high, Freddie Mac says

In exclusive Professional Remodeler research, remodelers talk about employee benefits

Both the homeownership rate and homeowner property vacancy rate fell in the last quarter of 2010, the U.S. Census Bureau announced in its latest Housing Vacancies and Homeownership report. The homeownership rate for the last quarter was 66.5 percent, lower than both the previous quarter and the final quarter of 2009.

Remodelers are more optimistic about 2011 as remodeling market gets stronger

New single-family homes sales were at a seasonally adjusted rate of 329,000 in December, based on estimates released by the U.S. Census Bureau and the Department of Housing and Urban Development. The rate rose 17.5 percent between November and December, but was 7.6 percent below the December 2009 rate.

When someone makes a purchase, it has to have value to them and that value is based on what they are willing to pay for it.

Home prices continue to weaken, as eight cities hit their lowest levels since the peak in 2006 and 2007, according to the latest S&P/Case-Shiller Home Price Indices. The data showed that in November Atlanta; Charlotte, N.C.; Detroit; Las Vegas; Miami; Portland, Ore.; Seattle; and Tampa, Fla., all dropped to levels below spring 2009 lows.

Existing home sales rose in December for the fifth time in the last six months, indicating a recovery as the housing market continues to stabilize. According to the National Association of Realtors, existing homes sales jumped 12.3 percent last month, reaching a seasonally adjusted rate of 5.28 million.

Housing starts declined in the last month of 2010, reaching their slowest pace since October 2009, new Commerce Department data show. On a positive note, building permit issuance rose 16.7 percent in December 2010, which might indicate that builders are upbeat about the upcoming spring selling season.

Long-time remodeling industry figure Mark Richardson is joining Professional Remodeler magazine as columnist