Signs of a Rebounding Real Estate Market
In the past few weeks, several housing-related reports point to an improving real estate market.
First, a Commerce Department report showed that the home construction industry showed signs of life in November, with housing starts rising 3.9 percent from October. This is good news for the economy at large since, according to the National Association of Home Builders, each new home built creates, on average, the equivalent of three jobs for a year and generates about $90,000 in taxes.
Separately, Realty Trac announced that foreclosures had fallen to their lowest level in 18 months, as foreclosures fell by 28 percent last month from October.
