A year ago, New Jersey contractor Michael Mroz’s customers were focused on saving money when renovating kitchens and baths, he said. Now, with a resurgence of home equity lending, they’re ready to pay for the best.
Shelby Webb, 22, rented her first apartment three weeks ago in Chattanooga, Tennessee, after landing a job translating ads for a Spanish-language newspaper. Now, she’s paying monthly bills for electricity, cable television and natural gas for the first time and has bought new pillows from Wal-Mart Stores Inc.
U.S. home prices won’t recover until the economy improves enough to boost the number of households and clear an oversupply of properties, said economist Karl Case, co-founder of the S&P/Case-Shiller home price index.
U.S. home prices, which climbed more than forecast in July, are unlikely to come “roaring” back as the housing market reaches bottom, according to Karl Case, the economist who co-created the S&P/Case-Shiller index.
The biggest housing boom in the last 30 years was offset by the sharpest slump in a generation, ensuring that the growth in residential units during the last decade remained at lows not seen since the Great Depression, the U.S. Census Bureau said today.