Some good news for those involved in new construction. According to the Associated Press, home sales were the highest they have been in eight years. Also, the AP said that the construction of new homes is the busiest it has been since last fall.
Of course, there are some downsides to the news. The gain in homes sales has a lot to do with buyers taking advantage of very low home prices. It can be assumed that previous homeowners are probably losing money on the sales. Or many of these homes are bank foreclosures with banks not making back their initial investment.
But back to the good news, which is what many people in the construction industry and mechanical trades need to hear. Apparently, it looks like some of the Reinvestment and Recovery Act funding may be working, especially when it comes to new construction. Many new homebuyers are taking advantage of tax credits that allow them money back when they purchase a newly constructed home. I’m curious if any of our readers have had the benefit of working on any of these projects and if they can verify the news. Let me know if you are working on any new residential projects. And let me know how the housing market is shaping up in your neighborhood.