Construction of new homes jumped in May by the largest amount in three months, an encouraging sign that the nation’s housing recession was beginning to bottom out. The Commerce Department said today that construction of new homes and apartments jumped 17.2 percent last month to a seasonally adjusted annual rate of 532,000 units. That was better than the 500,000-unit pace that economists had expected and came after construction fell in April to a record low of 454,000 units.

In another encouraging sign, applications for building permits, seen as a good indicator of future activity, rose 4 percent in May to an annual rate of 518,000 units.

The better-than-expected rebound in construction was the latest sign that the prolonged slump in housing is coming to an end, which would be good news for the broader economy.

Read more in today’s Pittsburgh PG :http://www.post-gazette.com/pg/09167/977735-28.stm#ixzz0IscFkKTp&C

In a Pittsburgh Post Gazette article, Chris Pummer of Marketwatch discusses the rebounding real estate market – and the indicators that tell us confidence in the real estate market is growing! Read the full article at http://www.post-gazette.com/pg/09164/976764-30.stm

 

Pittsburgh once again is the most livable city in the United States — and 29th worldwide — in a 2009 survey by British magazine The Economist! The Magazine cited livability, affordability, home values and more! Bask in the glory of our great city by reading more in the Pittsburgh Post Gazette: http://www.post-gazette.com/pg/09161/976252-53.stm

RISMEDIA, May 20, 2009-Nationwide housing affordability jumped 10 percentage points during the first quarter of 2009 to its highest level since the series began 18 years ago, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI). The HOI showed that 72.5% of all new and existing homes sold in the first quarter of 2009 were affordable to families earning the national median income of $64,000, up from 62.4% during the previous quarter and up from 53.8% during the first quarter of 2008.

Week after week, the economic signs pointing to a recovery underway in the home real estate market just get stronger. Here’s the rundown:

Pending home sales took a 3.2 percent jump last month — the second straight month of positive growth. These are signed home sale contracts that haven’t yet gone to closing, but are scheduled to do so in the next 60 to 90 days.

Lawrence Yun, chief economist for the National Association of Realtors, said we’re now at “the leading edge of first time buyers responding to very favorable affordability conditions, and an $8,000 tax credit.”

Well, we’ve finally made it. March 17th Pittsburgh Post-Gazette notes: “Pittsburgh transitioned, though not by choice, away from manufacturing and toward more recession-resistant fields such as health care and education, while still dabbling in energy, finance and bio-technology. Growth has been slow and steady… but these days, slow and steady wins the race. In fact, this article states: “According to Moody’s, Pittsburgh will be the only city out of the Top 100 US Metropolitan regions to post a gain in housing prices one year from now.” That’s an amazing statement for Pittsburgher’s to rejoice over! Read the entire article at http://www.post-gazette.com/pg/09076/955921-334.stm

Pittsburgh’s housing market continues to outdo the national trend as it becomes clearer that more American homeowners are having trouble keeping up with their mortgage payments. Meanwhile, foreclosures in the five-county area that includes Allegheny, Beaver, Butler, Washington and Westmoreland counties have been steadily declining since 2006, according to RealSTATs, a local real estate information service. See the full article published in the Pittsburgh Post-Gazette, visit http://www.post-gazette.com/pg/09065/953507-28.stm

 While the proposed $15,000 home-buyer tax credit died in negotiations between the House and the Senate, the $787 billion stimulus bill that President Barack Obama signed into law Tuesday includes a similar measure designed to help revive the real estate market. Here are some things you need to know about the freshly-enacted $8,000 first-time home buyer tax credit.

Pittsburgh may be a great place to live, but a newly released report shows that its an even better place to own a home! According to the latest Zillow Real Estate Market Reports (Zillow.com), home values in Pittsburgh increased 1.2% in the fourth quarter of 2008, compared to the fourth quarter of 2007. See the article: http://view.email.zillow.com/?j=fe6415717260067c761c&m=fef81274706503&ls=fe0617767564057c7510727d&jb=ffcf14&r=0

Nationally, home values decreased -11.6% during this same period. This amazing statistic is further examined in the Tribune Review article http://www.pittsburghlive.com/x/pittsburghtrib/news/specialreports/enterprise2007/s_494104.html

How does a once “smoky city” become a national model a commercial real estate boom?  As Pittsburgh’s revitalization began to grow and take shape, more and more large corporations were drawn to the region. As those same companies choose to make Pittsburgh home, the demand for housing and hotels continues to grow. And the cycle goes… Education, health care, high technology and nuclear energy are making Pittsburgh shine as a premier place to do business, and that leads to a strong and stable real estate environment. So strong, in fact, Pittsburgh beat out 58 other large metropolitan areas to rank #1 in commercial real estate markets. To read the full story, click on the Pittsburgh Post-Gazette link here: http://www.post-gazette.com/pg/09023/943845-28.stm