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Comment on Housing Hitting Bottom Article
 I was asked to comment on an article titled: Housing Hitting Bottom Means Fewest Starts Since 1945 (Update1) http://www.bloomberg.com/apps/news?pid=email_en&sid=aDSgjBGniq0E.  So I thought I would share my response.
While the article tells us nothing new, what it does not say is more important than what it does say. With home prices where they are at today and construction materials as low as they are, it makes more economical sense to purchase an existing home and remodel it.  We have seen more home remodels this year than in the past 4 years.  This is mostly due to prices on construction materials being as low as they were in 2004 and people not wanting to sell their home for less than they feel its worth. So they remodel their existing home to fit what they want in their home, converting screened-in porches into 3 season rooms is a popular remodel these days as well as basement fit-outs.
To give you some actual data on the housing situation, below is a graph showing the national median home prices from 1989 to 2008.  The black line in the graph shows a 20 year historical appreciation rate of 4%.  You can see that historically homes were appreciating at ... more

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