Economic Growth Gains Momentum | 2014

-
Nationwide economic growth is projected to increase to 2.9 percent from the estimated 2.6 percent growth in 2013, according to Fannie Mae’s Economic & Strategic Research Group reports. This increase can be attributed the return of consumer confidence following the government shutdown last fall, which affected hard working men and women across numerous industries.  With rebounded optimism, an increase in both consumer and business spending is expected to boost overall economic growth throughout 2014.

A significant driving force contributing to economic growth, according to Fannie Mae’s Chief Economist Doug Duncan, is the continued improvement in the real estate market. RealtyTrac published some encouraging statistics in its most recent Foreclosure Market Report, which recorded a 26 percent decrease in foreclosure fillings from 2012 to 2013. With decreases in foreclosure fillings comes an increase in the strength of consumer housing attitudes, which allows for the continuous improvement of the housing market.

On a local level, as of November 2013, Tampa Bay’s unemployment rate has fallen to 6.2 percent from the shocking 2010 peak of 12.5 percent, according to the Tampa Bay Times. In response to growing demand for goods and services from consumers and businesses, labor market improvements that support income growth are expected to amplify. If income increases can close the gap between home price increases, the affordability of home purchases will rise and the dream of homeownership can become a greater reality for those who had previously thought it was out of reach.   

Comments

Post a Comment

Popular posts from this blog

Featured Community of the Week – Beso Del Sol in Dunedin, Florida

-
Image
Can you imagine waking up each morning to a majestic view of the sparkling Gulf of Mexico waters? This all-inclusive resort condo community in Dunedin, Florida provides a perfect waterfront retreat. Situated directly on the Gulf, panoramic waterfront views overlook the St. Josephs Sound and Honeymoon Island, creating a tranquil setting that is far from the ordinary. Condo and community features include: · Fully furnished, all-inclusive studio, one and two bedroom units · Flat panel TV’s, stainless steel appliances, and granite countertops · Two waterfront heated swimming pools and hot tub · Fully-equipped fitness center and bicycle rentals · Onsite property management and housekeeping · Boat slips · All utilities included in HOA fees · Castaway Tiki Bar onsite with weekly entertainment Beso Del Sol Resort offers three wonderful floor plans to choose from with prices starting in the mid $100,000’s. Whether you are looking for a real estate investment, weekend retreat, vacation property
Read more

Real Estate Trends | Spring has Sprung

-
Image
As the flowers and trees start to blossom, there is another change in the air. With drops in foreclosure filings and a rise in the buying market, could Spring bring a new season for real estate? According to an article published by Housing Wire , Housing starts rise 7.2 % in March 2011. This is after a long decline of months. The data is collected from Department of Commerce, U.S. Census Bureau , and the Department of Housing and Urban Development every month to compare to previous months and previous years. March reached the highest peak in 16 months. Another noteworthy statistic to highlight is that RE/MAX National Housing reported that, “Home sales jumped more than 10% in 53 of the 54 metros tracked by RE/MAX between February and March”. This is a huge accomplishment in such a harsh season of retail. In this article it also quotes Freddie Mac in projecting that annual sales this year will be up a total of 5%. Another important thing that Freddie Mac monitors is foreclosure p
Read more

Renting is as Competitive as Purchasing a Home in Tampa Bay

-
Image
  The 411 on Tampa’s Rental Market   Tampa’s real estate market is one of the hottest markets in the country. Sunny weather, lower taxes, and quality of life result in an influx of new residents every week, however, the Covid-19 Pandemic substantially increased that number.   According to Fox News Tampa Bay, “"Every day, a thousand people are moving to Florida, and out of that, about 115 move to Tampa every day. You have all these people moving from New York City, moving from DC, moving from Connecticut, moving from Chicago, they’re from expensive cities, even from California! To them, Florida prices are affordable. Whether they’re home buyers or renters, they’re moving here with a lot of money to spend, which is jacking up prices.”   The rental rates in Tampa Bay and surrounding areas have increased 20% from last year placing Tampa in the top 5 metros for highest rent increases. This increase is a result of an extremely sparse rental inventory. At the moment, Tampa’s a
Read more