Many homeowners who put off remodeling and repairs last year due to the economy are now ready to make the investment, a new survey reported.
Construction spending rose slightly in November, increasing to a seasonally adjusted rate of $810.2 billion, according to Census Bureau data. The rate is 0.4 percent higher than the revised October rate of $806.7 billion. Construction spending for the first 11 months of 2010 totaled $753.9 billion, 10.6 percent less than the same period in 2009.
The troubled real estate market affects homes both large and small—but when mansions need a sale price reduction, the discount can jump into the millions. Zillow.com, a real-estate listing and data website, found that some of the biggest sales in 2010 also had the biggest price cuts, the Wall Street Journal reported.
A recent survey found that outcome and design were the most important factors in determining project satisfaction for a home remodel. The National Association of the Remodeling Industry (NARI) poll found that 49 percent of homeowners said outcome and design were the most important. Twenty-two percent said having their needs met was most important for their satisfaction, while 20 percent said accessibility and timeliness of the remodeler took precedence. Only four percent said finishing on time was the top consideration for satisfaction. Six percent safety and cleanliness were most important.
For the second straight year, real estate stocks ended the year with gains twice as high as the general stock market, The Wall Street Journal reported. According to Dow Jones, REITs were up 27 percent as of Dec. 28. And while that figure is down slightly from last year’s gains of 28.5 percent, it more than doubled the Dow Jones Industrial Average.
A study from the Federal Reserve Bank of Philadelphia shows that 20 percent of homeowners that go into foreclosure on their first mortgage continue to make payments on a second-lien mortgage. The story was reported by The Wall Street Journal.
The National Association of Realtor’s (NAR) Pending Home Sales Index continued to increase in November, rising 3.5 percent since October.
U.S. home prices declined in October as the growth rate continues to decelerate, according to the S&P/Case-Shiller Home Price Indices report released today. Each of the 20 metropolitan areas measured showed declines between September and October. Only the 10-city composite and four metropolitan areas showed increases over October 2009.
Small home builders are the mainstay of the nation’s housing industry, including a sizable number of self-employed mom-and-pop operations, according to a new study by NAHB economists. Slightly more than 65 percent of all home building establishments had annual receipts below $1 million.
Homes prices across the U.S. rose between September and October, although prices remain lower than in October 2009.