Foreclosures on the Decline Nationwide
The dark days may be over. The March 2017 issue of Professional Builder highlighted the figures, which paint a bright picture for those in the construction industry. Following the recession, annual foreclosure filings reached an all time high of 3 million filings between 2009 and 2010. Last year, however, filings dropped fourteen percent to 933,045 properties natiowide. The findings, initially reported by ATTOM Data Solutions’ year-end foreclosure report was quick to highlight that the rates varied from state to state. New Jersey and Hawaii were hit the hardest following the housing bust, 1.86 percent of all housing units with a foreclosure filing. Atlantic City and Trenton, New Jersey held the greatest share reporting 3.39 percent and 2.16 percent respectfully.
With foreclosures on the decline, what does this mean for home builders?
It has been a good year for those in the business of building new homes. Strong wage gains and job growth is projected to lead to a double-digit rise in single family home projection this year. Economists from the National Association of Home Builders, CoreLogic and Nationwide Mutual Insurance Company gave their outlook at the International Builders’ Show in Orlando earlier this year, all economics agree– building should be up roughly ten percent nationwide in 2017. Futhermore, economists project that mortgage rate will continue to hover around 4.5 percent in 2017 and 5.3 percent in 2018, fostering new growth and a healthy market for new construction.