Overall, the US economy is slowly recovering. Just a couple of months ago everything seemed dark. Now we have signs of not only stabilization, but also recovery. It may take a couple of quarters to see new jobs becoming available, but it will come. It just takes time.
According to those who observe the housing market, the landscape won’t always be this dreary. The pace of home construction rose 2.3% in June, but building permit activity (a sign of future construction plans) sank to its lowest rate in 10 years. This is actually good news! The fewer new homes on the market, the less time needed to decrease the existing inventory of foreclosed homes. In other words, the fewer new homes being built, the better. Unfortunately, this will mean fewer jobs in the construction industry. That said, falling home prices are probably worse for the economy as a whole than fewer homes being built. Balancing out the story, it has been noted that the consumer confidence index is positively correlated with home pricing.
So, when home prices rise, consumer confidence rises also.
The good news is that you can take advantage of this recession. Now is the perfect time to remodel your home. Labor is cheap, commodities are 60% less expensive and there is significant promotional pricing being offered in an effort to move product. These factors, when taken together, can reduce the overall cost of the remodeling project by 25-30%. The bottom line…there are plenty of opportunities to increase the value of your home over time. As it has been said, "Don't waste a recession!"
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