INFO THAT HITS US WHERE WE LIVE... It may be premature to begin partying in the housing market, but there are signs we'll enjoy a nice spring selling season. Freddie Mac's chief economist posted a blog on their websites offering a rosy outlook: "Housing is stronger today than at any point since the Great Recession began and hit bottom in 2009." He cites three points. 1. Home sales are up 13% from their low and should be up "about 3% in 2014." 2. Housing starts are up 50% since bottoming out, with "almost 20% growth" expected this year. 3. Home prices are up 16% since their trough and should continue to grow in 2014, "albeit at a more moderate 5% pace."
Speaking of prices, a national online listing site reported asking home prices continue to rise as the spring selling season gets under way. The site put asking prices up a seasonally adjusted 2.9% from February to March 2014, delivering the third straight month of solid month-over-month gains. Year-over-year, asking prices are up 10% nationally, registering gains in 97 of the 100 largest metros. The Mortgage Bankers Association also reported purchase loan applications up a seasonally adjusted 3% for the week ending April 4. Spring housing market activity seems to be kicking into gear.
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