Though the housing market has been slow to recover since the market crash, new reports suggest the nation may be getting a couple steps closer to reaching its pre-bubble levels. As a result of increased consumer confidence, lower unemployment and higher household incomes, economists are anticipating a positive future for the housing market.
According to the results of Fannie Mae’s January 2015 National Housing Survey, many consumers have a more positive outlook on the housing market and their personal financial situation than in the past. Along with this increase in consumer confidence and financial stability, more consumers can be expected to purchase and/or sell a home as the year unfolds.
“If the housing market performs as well as predicted, then that growth will spill over to the rest of the economy,” said Abby Shemesh of Amerinote Xchange, a principal note-buying firm that purchases mortgage and business notes nationwide. “As more people buy homes, more homes will need to be built, resulting in more jobs for the construction industry. Likewise, consumers will buy more products and services needed for their home, such as furniture, appliances and plumbing, which will lead to further growth in other industries and revitalize the economy.”
