SI Real Estate Tampa and The Beaches

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 continu...

According to a recent Realty Times article, “The most bearish of Wall Street economic analysts have made the same point for the past 18 months. There's no recovery or rebound in the housing market, they said, until home builders start building again.” The numbers that they have been waiting on are here. Last week the Commerce Department reported an unexpected rise of 7.5 percent in single family home starts during the month of May. New construction has been one of the weakest segments of the housing market since 2007. May’s increase was the third consecutive monthly gain in single family starts, bringing total starts, including multifamily apartment starts and condos, up by 17.5 percent. Not only were starts significantly up, but so were other key indicators of future home building activity such as single family permits, which saw an increase of 8 percent. Consumer confidence, which is extremely important for home buying, was also up for the fourth consecutive month. Sales of prev...

Consumer confidence recently saw its most dramatic rise in eight months, showing Americans are regaining their confidence in the U.S. economy. According to the Conference Board Consumer Confidence Index , which had improved considerably in April, May saw an even larger increase. The Index now stands at 54.9, up from 40.8 in April. May’s level is the highest since last September’s level of 61.4 According to Lynn Franco, Director of The Confidence Board Consumer Research Center, consumers are considerably less pessimistic than they were earlier this year, and expectations are that business conditions, the labor market and incomes will improve in the coming months. The survey also reported that there was a rise of 23.1 percent in consumers who are expecting business conditions will improve over the next six months. While confidence is still weak by historical standards, it seems that as far as consumers are concerned, the worst is now behind us. According to a Bloomberg article, the gain...