CNNMoney.com published an article with a bold headline: Housing to drive economic growth (finally!). The article included some strong quotes from economists but this paragraph seemed to me to be the perfect summary:
“Home sales rebounded to the strongest level in five years in 2012, as home building bounced back to levels not seen since early in the recession. Near record low mortgage rates, rising home prices and a drop in foreclosures have combined to bring buyers back to the market.”
The article mentions home construction and the impact that will have on jobs. Some banks are offering construction loans again and that has elevated the demand for empty lots and tear down homes in both Coral Gables and Coconut Grove. Last Friday, a colleague listed a tear down near my 1212 Hardee Road listing. In the same day it had 6 offers and had sold by 5pm!