Reducing negative equity means increasing confidence to remodel homes and improve economy.
A strong housing market can have such an impact on the US economy. Improving home values could prove to be the kick start the economy needs.
Cincinnati, Ohio (PRWEB) September 04, 2013
Over the Summer as home values continued to rise, the national negative equity rate continued to fall. Negative equity dropped to 23.8 percent of all homeowners with a mortgage, according to the second quarter Zillow Negative Equity Report. This signals better times ahead according to President of House Doctors Home Improvements.
Jim Hunter President of House Doctors the National Remodeling franchise said, " Median home prices are now increasing monthly in many areas reducing the size of the negative equity hole many people found themselves in. We have a lot of catching up to do but things are now heading in the right direction. This is good news for confidence, the economy and the home improvement market. At House Doctors many of our franchisees are already experiencing double digit increases this year."
The recent July data from RealtyTrac shows 2013 U.S.Residential & Foreclosure Sales Report, which shows that U.S. residential properties sold at an estimated annualized pace of 5.5 million in July 2013, up four percent from the previous month and up 11 percent from a year ago—the biggest annual increase in sales volume so far this year. California Arizona, Nevada, and Georgia posted the four biggest annual increases in median home prices in July: California (up 31 percent); Nevada (up 27 percent); Arizona (up 21 percent); and Georgia (up 20 percent).
Hunter continued, "A strong housing market can have such an impact on the US economy. We see it in our business. Handyman services, home improvements and remodeling increase as negative equity decreases. Improving home values can prove to be the kick start the economy needs."
According to RealtyTrac the national median sales price was $174,500 in July, up four percent from the previous month and up six percent from a year ago—the 16th consecutive month where median home prices nationwide have increased annually after bottoming in March 2012.
About House Doctors:
For more than 15 years, House Doctors, a 90-plus-unit professional handyman and home improvement service, has brought homeowners and commercial property owners high standards of customer service, reliability, and quality workmanship. Every House Doctors location is independently owned and operated. Today, House Doctors continues to expand throughout the United States by offering franchise opportunities.
