NKBA members looking for big growth in the remodeling market this year
The latest BuildFax Remodeling Index shows that improvements continue to outpace the rest of the construction market
The number of properties receiving a foreclosure-related notice fell to a 36-month low in February, likely due to lenders stepping back during investigations into the foreclosure process. Foreclosure listing firm RealtyTrac reported that 255,101 properties received at least notice in February, down 14 percent from January.
Remodeling spending may jump as much as 9.2 percent in the first quarter of 2011, according to a report by Harvard University’s Joint Center for Housing Studies.
More homeowners fell underwater in the fourth quarter as home prices continued to drop.
The counties around Los Angeles and Chicago top the nation in remodeling spending, according to NAHB
All signs are pointing to a boom in the apartment market, according to John Burns Real Estate Consulting. While housing affordability may be high, tighter lending standards, a shortage of consumers with a down payment, and demographics all point to a surge in rentals as the economy recovers.
Builders expect that homes will be both smaller and greener in 2015, an NAHB survey revealed. The homebuilders surveyed estimated that the average new home in 2015 will measure 2,152 square feet, 10 percent smaller than the average home in 2010. The family room is the only space that is expected to grow — 54 percent of builders said the size of this space would increase.
The Census Department’s data on new construction sales is wildy inaccurate, housing analyst Ivy Zelman told CNBC.com last week. According to Zelman’s data, December estimates showed a 12 percent decline in seasonally adjusted new home sales, which she said was consistent with data from builders. But the Census reported an 18 percent increase.
All-cash buyers accounted for 30.9 percent of home and condominium sales in California in January, with even higher percentages in some wealthy Southern California communities. The trend is likely the result of both low home prices and an increase in foreclosures on the market.