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Market Conditions



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Increase in foreclosures expected in 2011

Foreclosures are expected to peak in 2011, but the long-term forecast is improving, according to a report by the Wall Street Journal. According to Rick Sharga of RealtyTrac, an online marketplace for foreclosed properties, the number of foreclosures in 2011 will top both 2009 and 2010, which had 900,000 and 1.2 million bank repossessions, respectively.

Bank of America restarts nearly 16,000 foreclosures

Bank of America Corp. announced that it restarted nearly 16,000 foreclosure cases last week, according to a report by the Wall Street Journal. The bank’s foreclosure attorneys prepared 7,800 new affidavits for cases in states the require court approval for foreclosures, and lifted holds on 8,000 cases in states that do not need court approval. The bank froze 102,000 foreclosure sales earlier this year.

IHS Global forecasts flat construction spending next year

IHS Global, a firm specializing in economic and financial information, predicts that construction spending in 2011 will be flat, according to its Fourth Quarter U.S. Construction Briefing. Although overall spending fell 8.3 percent in 2010, the report predicts that gains in the residential and commercial sectors will help it level.

2011 Remodeling Forecast: Three Reasons for Long-Term Optimism

Beyond the next few years, there are several reasons to be optimistic about the long-term outlook for the remodeling market, with demographics and an…

2011 Forecast: Remodeling market poised for growth

While challenges persist, remodelers are more optimistic about the 2011 remodeling market than they’ve been since the housing boom.

Housing inventory declines in November

Data from real-estate brokerage firm ZipRealty Inc. showed that the number of homes for sale declined by 3.8 percent in November in 26 major metropolitan areas, the Wall Street Journal reported. The information covers single-family homes, condos and townhouses for sale in cities where the Emeryville, Calif.-based firm operates. The inventory of homes was still 11.6 percent higher than November of last year, however.

NARI submits letter to Senate on lead rule

The National Association of the Remodeling Industry (NARI) submitted a letter to the U.S. Senate’s Committee on Small Business and Entrepreneurship, which has called a hearing on regulatory issues small business face. The letter centers on the U.S. Environmental Protection Agency’s (EPA) Lead Renovation Repair and Painting rules (LRRP).

NAR: Pending home sales rise in October, Midwest has largest gains

The Pending Home Sales Index rose to 89.3 in October, a 10.4 percent gain over the previous month, according to the National Association of Realtors. The index, which is based on contracts during October, remained 20.5 percent lower than in October 2009, when the deadline for the homebuyers tax credit caused a surge.

Consumer confidence rises, but housing market remains flat

Consumer confidence in the U.S. increased in November, rising to its highest level in five months. The Conference Board’s sentiment index rose to 54.1, exceeding estimates by a Bloomberg survey of economists that it would increase to 53. Meanwhile, the Institute for Supply Management’s business gauge rose to it highest since April, indicating that business activity also is increasing.

S&P Case-Shiller report: Rate of home price decline may be accelerating

The S&P/Case-Shiller home-price indexes showed that home prices went down between August and September, and that third quarter prices also were down, according to a report by the Wall Street Journal. The indexes also indicated that the rate of decline may be accelerating.

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