Buyer confidence up despite fluctuating home statistics
Posted on Monday, July 22, 2013 at 12:30:26 PM
At the moment, more people are bullish about the economy than in recent memory, amid rising stocks, a strengthening housing sector and confidence about residential financing.
Both the Standard and Poor's 500 Index and Dow Jones Industrial Average have increased, marking continued success for the stock market. There are positives to take away for housing and the economy as a whole, and the growth trend appears to be headed up.
John Carey, fund manager at Boston's Pioneer Investment Management Inc. told the news source that the earnings are indicative of a growing economy, but not an excellent, runaway economy. There was previous concern of too much success leading to an end of the Federal Reserve's quantitative easing policy, but that worry has dissipated.
Overall, National Association of Realtors statistics for the housing market are better than numbers posted in 2012. June existing-home sales took a slight dip, but year-over-year it reflects improvement. The economy has made residential financing an option for many homeowners previously involved in a short sale.
"Of those previously underwater owners, 53 percent were planning to buy another home and 22 percent intend to rent, but 25 percent weren't sure what they'd do," said NAR president Gary Thomas. "In addition, 47 percent of Realtors report they have potential sellers who are waiting for additional price appreciation before they sell."