Housing starts rise in March to levels that have not been seen since June 2008. According to the Commerce Department new construction starts for homes rose 7% last month to an annual amount of over 1 million units.
This is fabulous news for the recovering housing market. Low interest rates and a high demand for homes have pushed the new and existing home markets to some of the highest levels in years.
Bidding Wars are pushing home values higher too. According to S&P Case-Shiller home prices rose 7.3% in 2012. US Economic growth has been stimulated by the increasing housing activity. Realtors are trying to add more inventories to their MLS. Builders are scrambling to build more units, but they are finding it hard to find construction workers in some areas. Plus, the sudden increase in building permit requests have created significant delays in local government offices. It’s true the sudden change in our economic environment has created some issues in the home buying and selling markets; however, it will eventually seek some form of normalcy as things stabilize and balance. If you’re a seller, now’s a terrific time. If you’re a buyer, now’s a terrific time!
Mortgage Investors Group understands there are a lot of choices when it comes to financing the purchase of a new home or refinancing an existing one. Our licensed and experienced loan officers are here to help you gain a better understanding of those options and answer your questions about the loan process, qualifying and the different features of each loan program. We offer everything from conventional mortgages to government loans.
Call us today and take advantage of these incredible market conditions!