Bullish outlook: Biggest remodelers see more growth in 2013
The number of remodeling permits recorded by BuildFax Remodeling Index for the month of August 2012, reached a level previously recorded more than four years ago. Yet another positive sign on the road to recovery for the remodeling industry.
This is the highest point the RMI has reached since the third quarter of 2005, reflecting the positive trends recently seen in the rest of the housing sector.
According to data through June 2012 released by S&P Dow Jones Indices for its S&P/Case-Shiller Home Price Indices, the second quarter of 2012 ended with positive annual housing growth rates for the first time since Summer 2010.
Up to 3 million homeowners could save on mortgages under administration plan
While final numbers have not been released, IHS Global Insight predicts that home improvement spending rose 3.3 percent overall in 2011, according to a Wall Street Journal report.
iPads are making pricing jobs easier and quicker than ever before
Another positive sign for construction industry as homeowners clear their balance sheets
The nation's major banks could be facing at least $17 billion in lawsuits because of improper foreclosure practices, a group of states' attorneys general said Tuesday
Although thousands of homeowners have gotten mortgage modifications under the Making Home Affordable program, it's still well short of the millions the Obama administration hoped to help with the program
The inventory of homes for sale rose slightly in March in many metropolitan areas across the nation. According to data compiled by ZipRealty, the listing inventory rose 1.1 percent in 23 metropolitan areas between February and March, after decreasing in both January and February.
A new tax requirement that would have required businesses to file more 1099 paperwork was repealed last week by President Obama. The tougher requirements would have mandated companies to file a 1099 for any individual or company they do more than $600 of business with in a given year.
Bank of America, Wells Fargo, and JP Morgan Chase were among 14 financial institutions to receive penalties last week from the federal government for improper foreclosures. The banks were also ordered to revise their foreclosure procedures. Actions include having enough staff to handle the volume of foreclosures and establishing a single point of contact for borrowers.
Despite the housing bubble and subsequent crash, more than 80 percent of Americans still think buying a home is the best long-term investment a person can make. That's according to a recent Pew Research Center study, which found that 37 percent strongly agreed with that idea and 44 percent somewhat agreed with it.
Construction employment saw an uptick in February, as 141 out of 337 metropolitan areas had increases in construction jobs compared to one year earlier, according to an analysis of federal employment data by the Associated General Contractors of America. Dallas-Plano-Irving, Texas, had the largest increase in jobs, adding 7,500 (8 percent).
Residential construction spending dropped in February, with home improvement spending leading the decline, after an unexpected increase in January.
A Russian billionaire purchased a new home in California for $100 million, the highest known price paid for a single-family home in the U.S. Yuri Milner, who made his fortune investing in enterprises like Facebook and Groupon, built the 25,500-sf French Chateau-style home in Silicon Valley.
The “shadow inventory”—the supply of homes in foreclosure or owned by banks but not yet listed for sale—fell in January, but could affect the housing market as weak sales and prices persist.
The number of second home sales dropped in 2010, but the market share held steady, according to new data released by the National Association of Realtors. The 2011 Investment and Vacation Home Buyers Survey found that sales volume for vacation homes fell 1.8 percent in 2010 from 2009, while the volume for investment homes fell 7.8 percent.