The housing market is definitely in the dumps. Every part of the market is down, disappointed and not expecting any changes soon, meaning within the next couple of years. The only part of the industry that is improving is the financing side. With interest rates hitting all-time lows the applications for refinancing has picked up significantly.
The latest report which may altogether be completely worthless is the Housing Starts. The results showcased an improvement of 4.9% with a margin of error at 8.9% so we won’t really know what is happening until several months down the road when they revise the data.
Perhaps the best way for you to know what is happening in your area is to simply observe as you go about your day. For example in my area I’m very surprised if I see a new construction project and it’s been many months since I’ve noticed any single family structures.
The reports are also saying that building permits were slightly higher and this is what was reported:
- Northeast : +2.9 percent from June
- Midwest : +0.0 percent from June
- South : -1.4 percent from June
- West : +4.9 percent from June
Permits are issued and usually have a good indication as to what the new home market may look like since majority of them will actually break ground and start building within a short time period. Bottomline is simply that the housing market stinks unless you are fortunate enough to qualify for a refinance during this difficult time or you work in the finance sector.