Wednesday, April 4, 2012

Experts Positive About Improving Residential Housing Market with Early Warm Weather

Many industry members are increasing their hopes for a much-improved spring season when it comes to residential housing transaction volume, according to USA Today.

With the warm weather breaking out in most parts of the country, there may be an extension of the spring season, and this could translate to a larger number of homes sold. February home sales were up nearly 10 percent year-over-year, while confidence is up for industry members, the news source reported.

Home prices are projected to continue their decline, while some areas are expected to begin their climb back for the first time since the housing bubble burst.

"This spring will be the litmus test for housing demand," Steven Ricchiuto, chief economist for
Mizuho Securities USA, told the news source.

Not only are experts optimistic about the improving residential housing market, but many consumers feel the same way as well. According to Fannie Mae's latest edition of the Quarterly National Housing Survey, most of American renters are interested in purchasing a home at some point in the future. In addition, a majority of consumers think that the present is a good time to purchase a property.

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