Chicago, IL (PRWEB) May 02, 2013
The Federal Savings Bank echos new from the U.S Census Bureau that residential construction spending rose in March which implying the housing recovery is still underway. While some may focus on how non-residential construction spending declined, most homebuyers are only interested in residential housing.
Residential construction spending increased by 0.4% in March from February and is 18.24% year ago levels from March 2012. "The housing market is improving at a steady pace" says Nick a banker, at The Federal Savings Bank. Single family construction spending rose 1.56% in March from February and while some may focus on the March reading remaining 65% below its peak number in 2006, it's 37.60% above year-over-year levels.
First-time homebuyers should take notice of this information because it says supplies are willing to spend money to build new inventory to service demand for housing. Since demand exists, one may conclude that the possibility of higher home prices in the future is to be expected...at least by suppliers. The Federal Savings Bank consistently encourages its potential home loan applicants to get pre-approved for a mortgage. This way the applicants will find out how much of a home they can afford. With property values increases the credit standards of banks is decreasing which is why fear of being declined a mortgage should be subdued among applicants. To gain more information about the housing market or to speak with a loan officer begin your search at: TheFederalSavingsBank.com