Housing analysts say that home improvement projects have become more austere than in recent years due to the real estate and mortgage industries slumping. According to a report last month from the Joint Center for housing Studies at Harvard University , remodeling activity this year is on pace to drop 2.3 percent when compared with 2006, with a further decline likely next year.
Kermit Baker, the director of the Joint Center’s Remodeling Futures Program said that home owners typically devote about 40 percent of their remodeling budgets to “systems upgrades” like roofing and windows, another 40$ to discretionary expenditures and the rest to miscellaneous expenses. Drops in discretionary spending have led the retreat, he said. That drop closely follows a drop in cash-out refinance transactions, in which homeowners refinance their mortgages after their homes have gained value, taking out some equity in the form of cash. real estate agents San Diego
he good news is, once the dust settles, the new and improved mortgage payments will be easy peasy.
Keven
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To put it simply, the price of housing needs to lower before this bubble will end. Simple as that.
Polly
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Houses will only fall 30% if everyone rushes for the exits. 5 years ago many markets were underpriced and it’s highly unlikely they’ll go back to that level. There’s still a lot of demand for housing and THERE ALWAYS WILL BE! Anyone predicting a 40% decline is making a prediction because he earns money by making predictions!
Wendell
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