New-Home Recovery Expected for Spring 2011
February 9, 2011
Still waiting to buy a new home? New-homes sales are expected to increase 20% this coming spring according to the National Association of Home Builders. This rebound is expected to last through at least 2012. New home construction is expected to see a better year in 2011, contributing to positive GDP that has not been seen since 2005. The construction of new homes boosts jobs for not only the workers, but also the industry manufacturers and suppliers of materials such as appliances, plumbing fixtures, lighting, etc. since these are just a few materials needed in the construction of a new home.
Even though the market lacks the home buyer tax credit and there is still tough competition with foreclosed homes, groups such as the NAHB and the Mortgage Bankers Association remain optimistic in the purchase of newly constructed homes now and in the years ahead.
Read more details on BusinessWeek.com regarding the new-home recovery forecasted in spring 2011.