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The purpose of this post is to summarize the key housing data discussed in a recent CNN Money article. The link to the full article is at the end of this summary. I would encourage you to read both.
With 2011 ending on a strong note for new home construction projects, the industry is sitting up and looking forward to the promise of 2012. The housing starts and building permit figures for December were slightly lower than industry projections, but year over year comparisons still saw a considerable upward swing, with starts increasing by 3.4% and permits going up by 1.2%. However, the actual number of home building projects took a hit with only 583,900 being completed in 2011 compared to 651,700 in 2010.
Real estate market watchers believe the recovery could have been moved faster but was limited by certain prevailing conditions. With credit being tight, there’s a shortage of funds for financing new home building projects. Builders’ hesitation to launch new projects in the face of competition from the sale of distressed and/or REO properties going for bargain prices has also curbed the recovery from gathering momentum.
Housing pundits are feeling optimistic though, as all key indicators seem to be pointing towards a revival in the market (both owner occupied homes as well as rental properties). Employment numbers and consumer confidence are both on an upward swing, predicting a healthier 2012 for the housing industry. To read more on this report, click here.
