Many American buyers are interested in buying a foreclosure, but there are too many distressed properties for buyers to absorb them all – and the numbers of properties in stages of foreclosure affect the overall market, according to Forbes.com.
Next week, two speakers on behalf of the National Association of Home Builders (NAHB) will provide the forecast for the remodeling market and its rising trends.
Job creation is gradually gathering force, but the construction sector, including home building, continues to drag, according to March data from the Bureau of Labor Statistics Job Openings and Labor Turnover Survey. Residential construction is off about 1.4 million jobs since the peak of employment.
Existing-home sales slipped in April, although the market has managed six gains in the past nine months, according to the National Association of Realtors. Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums, and co-ops, eased 0.8 percent to a seasonally adjusted annual rate of 5.05 million in April from a downwardly revised 5.09 million in March.
Residential building in April registered a moderate gain, assisted by upward movement for multifamily housing.
Of the current 15.2 million rental units in the U.S., only about 6.5 million units are considered affordable housing to those earning less than half of their area's medium income, well short of market demand, according to according to a Fannie Mae report.
While demand for for-sale housing in the 55+ housing market remained somewhat flat in the first quarter, the 55+ apartment sector saw a big bump. NAHB’s Housing Market Index for 55+ apartment units rose 10 points to 44 in the first quarter versus the same period last year.
Housing starts fall in April, suggesting fewer homes will be built in 2011 than expected.
For the first time, the NAHB/Wells Fargo Housing Opportunity Index was broken down to analyze the differences in income and housing affordability across five different races/ethnic groups. The 2010 data show disparities in housing affordability between major races and ethnic groups across the U.S.
A survey shows that the Housing Market Index remains at the same low level, although builder confidence in current sales conditions and prospective buyer traffic is up slightly.