David Crowe, Chief Economist for the National Association of Home Builders believes that a home building recovery is under way and has the “greatest probability of accelerating growth over the next 2 years.” There are 4 reasons that he innumerates in the February edition of Builder Magazine to substantiate his claim:
Pent up Demand
There is a significant backlog of millions of household formations and move up purchases that did not occur during the recession
Slow Return of Jobs
This recovery has been deemed a “jobless recovery”, but the last quarter of 2013, job growth improved to 200,000 per quarter and is expected to increase in 2014.
Massive Financial Disruption Behind Us
Households have recovered their net worth with an improved stock market and home values.
Worst of Washington’s Affects are PastThe initial impact of significant spending reductions and stimulus weaning has past, and the economy has endured.
Crowe warns that an international crisis or terror attack as well as a reversal of the improving job market could still affect us, but he believes the most likely outcome is an ever improving home building industry for the next several years.
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North Eastern Group Realty is Fort Wayne’s largest independent real estate company located at 10808 La Cabreah Lane, Fort Wayne, IN 46845.
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