NAHB Says “Housing Back on Track”

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David Crowe, Chief Economist for the National Association of Home Builders believes that a home building recovery is under way and has the “greatest probability of accelerating growth over the next 2 years.” There are 4 reasons that he innumerates in the February edition of Builder Magazine to substantiate his claim:
Pent up Demand
There is a significant backlog of millions of household formations and move up purchases that did not occur during the recession
Slow Return of Jobs
This recovery has been deemed a “jobless recovery”, but the last quarter of 2013, job growth improved to 200,000 per quarter and is expected to increase in 2014.
Massive Financial Disruption Behind Us
Households have recovered their net worth with an improved stock market and home values.
Worst of Washington’s Affects are Past
The initial impact of significant spending reductions and stimulus weaning has past, and the economy has endured.

Crowe warns that an international crisis or terror attack as well as a reversal of the improving job market could still affect us, but he believes the most likely outcome is an ever improving home building industry for the next several years.

At North Eastern Group Realty, we are prepared to assist our clients with their significant Fort Wayne real estate decisions including building a new home. Our corporate commitment is to provide real knowledge, proven experience and professional, quality service. To search all Fort Wayne homes for sale or find a Fort Wayne REALTOR®, visit our website at NorthEasternGroup.com.

North Eastern Group Realty is Fort Wayne’s largest independent real estate company located at 10808 La Cabreah Lane, Fort Wayne, IN 46845.

NAHB Predicts Slow and Steady Climb in 2014

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The NAHB, in the January issue of Builder Magazine, reports that during 2014, residential permits, housing starts,and new homes sales showed the housing recovery was very strong through August, tempered in the fall and actually slowed when compared to 2012 in the last few months of the year. New homes price appreciation appears to have peaked in June/July of 2013 and has subsequently retreated slightly. The NAHB, as a result, has adjusted their annual Housing Start Forecast down 2% for 2013 and to 1.3 million for 2014 instead of the 1.6 million originally projected.

Economists attribute unsustainable price increases in some markets, a pull forward in demand during the spring and summer, and an increase in interest rates as the reasons for the “pause” we are experiencing in new construction sales and starts. They are still projecting healthy growth in new home sales in 2014, however. 2013 new-home sales are expected to be 437,000 units which is an increase of 19% over 2012, and the prediction is for another 22% increase in 2014.

At North Eastern Group Realty, we can assist with your significant Fort Wayne real estate decisions including evaluating whether new construction is your best option. Our corporate commitment is to provide real knowledge, proven experience and professional, quality service. To search all Fort Wayne homes for sale or find a Fort Wayne REALTOR®, visit our website at NorthEasternGroup.com.

North Eastern Group Realty is Fort Wayne’s largest independent real estate company located at 10808 La Cabreah Lane, Fort Wayne, IN 46845.

Fort Wayne Home Building Finishes the Best Year Since 2007!

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In 2007, Fort Wayne home builders pulled permits to build 867 homes worth $173,925,444 for an average selling price of $200,606. Since then, new home construction in Allen County, like most areas of the country, had dropped off precipitously. 2013, however, was the first year since to beat 2007. In 2013 the Fort Wayne Home Builders Association reports that 839 homes were built; not quite the same level as 2007, but close and the best year since. The total value of all of the home permits pulled in 2013 was $190,865,392 which gave an average home price of $227,491. The peak of home building in Fort Wayne and Allen County was in 2002 when 1,923 homes were built for a total value of $282,313,714. While 2013’s numbers were still significantly off from this mark, they show strong signs of recovery at a sustainable level.

New home starts are always dependent upon job growth, affordability and mortgage rates, and continued upwards trends will as well. The low level of existing inventory should also bode well for new construction in 2014!

At North Eastern Group Realty, we are prepared to assist our clients with their significant Fort Wayne real estate decisions. Our corporate commitment is to provide real knowledge, proven experience and professional, quality service. To search all Fort Wayne homes for sale or find a Fort Wayne REALTOR®, visit our website at NorthEasternGroup.com.

North Eastern Group Realty is Fort Wayne’s largest independent real estate company located at 10808 La Cabreah Lane, Fort Wayne, IN 46845.

7 Fort Wayne Home Builders Commit to the 2014 Parade of Homes and Lifestyle Show

The North Eastern Group is pleased to announce that 21st Century Homes, Bob Buescher Homes, Granite Ridge Builders, Quality Crafted Homes, Slattery Builders, Star Homes by Delagrange & Richhart, and Timberlin Homes have committed to participating in the 2014 Parade of Homes and Lifestyle Show. These builders are excited about featuring fabulous and innovative designs on gorgeous home sites overlooking an amazing 17 acre lake at The Forest at Foxwood. This setting is the perfect location to take advantage of outdoor living and the lucky homeowners who purchase these homes will forever cherish the view.

Mark your calendars for September 6th through the 14th of 2014 to come out and view the latest in home design, interior design and landscaping. The show will run from noon to 9 Monday through Saturday and noon to 6 on Sunday.

The REALTORS® at North Eastern Group Realty are prepared to assist our clients with their significant Fort Wayne real estate decisions even if that involves new construction. Our corporate commitment is to provide real knowledge, proven experience and professional, quality service. To search all Fort Wayne homes for sale or find a Fort Wayne REALTOR®, visit our website at NorthEasternGroup.com.

North Eastern Group Realty is Fort Wayne’s largest independent real estate company located at 10808 La Cabreah Lane, Fort Wayne, IN 46845.

Don’t Miss the Final Weekend of the Fort Wayne Home Builders Home and Garden Tour!

The spring 2013 Home and Garden Tour features 32 Homes, 8 Villas, 1 Subdivision, 1 Retail Stop, and 31 In-home vendors. The show was scheduled for the weekends of April 27 & 28 and May 4 & 5 and if you missed the first weekend, don’t miss the last! Spring is always when people most actively consider building a new home and the Town and Country Tour is a great opportunity to get ideas for your new home. If you have been considering a new home, this is the perfect opportunity to interview builders and gather ideas.

At North Eastern Group Realty, we are prepared to assist our clients with their significant Fort Wayne real estate decisions. Our corporate commitment is to provide real knowledge, proven experience and professional, quality service. To search all Fort Wayne homes for sale or find a Fort Wayne REALTOR®, visit our website at NorthEasternGroup.com.

North Eastern Group Realty is Fort Wayne’s largest independent real estate company located at 10808 La Cabreah Lane, Fort Wayne, IN 46845.

Housing Starts Surge to a 4 Year High

Housing starts continue to gain steam, rising 3.6 percent in October to their highest rate since July 2008, the Commerce Department reports.

Housing starts have grown to about 40 percent of the 2.27 million peak reached in January 2006, Reuters reports.

Housing starts in October reached a seasonally adjusted annual rate of 894,000 units. Most of the increase last month in housing starts came from an 11.9 percent increase in starts for multifamily home, mostly attributed to an increase in demand for rental apartments. Meanwhile, groundbreaking for single-family homes mostly held steady in October at 594,000 units.

“This report is in line with our latest builder surveys, which show improving confidence and optimism in the marketplace as buyers take advantage of low mortgage rates and very attractive prices,” says Barry Rutenberg, chairman of the National Association of Home Builders. “Builders are acting to meet rising demand while continuing to exercise caution by pulling a modest increase in the number of single family permits as the market continues to gradually gain its footing.”

Regionally, housing starts rose the most with a 17.2 percent surge in the West, followed by an 8.9 percent increase in the Midwest. Housing starts decreased 6.5 percent in the Northeast, which was struck by megastorm Sandy in October, and a 2.5 percent decrease in the South.

Building permits, a future indicator of new home sales, dropped 2.7 percent in October, following an 11 percent increase last month.

Source: “Housing Starts Hit Highest in Four Years,” Reuters (Nov. 20, 2012) and the National Association of Home Builders

Find your Fort Wayne Home site at NorthEasternGroup.com.

Gorgeous new wooded lots now available in Azbury Woods!

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The North Eastern Group is excited to announce that 2 gorgeous wooded lots in Azbury are now available! These are unique home sites, many ranging from a half acre to over an acre in size. 6 of the largest sites are even on a private lane. Prices range from the mid 40’s to $89,900.

Azbury Woods is in the Southwest Allen County School district and Elementary students attend the brand new Lafayette Meadows Elementary less than a mile a way!

A pool and pool house are planned for the entance to this community and will be a great asset to the homeowners.

Azbury Woods is located on Lower Huntington Road, a short 3 miles ffrom the Luteran Hospital complex and The Village of Coventry. It is the perfect location for your dream home!

For more information, contact Kim Ward at 260-437-9844.

Home Builder Shares Become Hot Stocks

Home builder shares have risen to record levels this year as a rebound takes shape in the new-home market, following one of its worst years on record, Bloomberg reports. 

The Standard & Poor’s Supercomposite Homebuilder Index has risen 53 percent this year. The index includes 11 home building companies. 

For example, PulteGroup shares have soared 98 percent this year, Lennar has risen 59 percent, Toll Brothers has increased 49 percent, and D.R. Horton has soared 43 percent, Bloomberg reports. 

As the new-home market takes recovery mode, some builders have been raising their prices as inventories of homes for-sale in many markets shrinks.

“We’re getting more activity, more traffic and even pricing has begun to improve,” Jason Benowitz, portfolio manager for Roosevelt Investments, which includes a share in Lennar Corp., told Bloomberg. “If the economy can muddle along, then we think housing will continue to be a bright spot. And the home builder stocks have room to run from here.”

Some experts have been predicting a looming housing shortage, with estimations of 1.7 million and 1.8 million new homes a year needed to meet future demands with population growth and aging home stocks.

Find the perfect location for your Fort Wayne Home at www.northeasterngroup.com.

Looking for a Beautiful Wooded Home Site in Southwest Fort Wayne?

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Azbury Woods III with one of a kind wooded lots up to and acre in size are under construction now! Azbury Woods is located on Lower Huntington Road, just one mile away from Southwest Allen County School’s newest elementary school, Lafayette Meadows and minutes from The Village of Coventry and Lutheran Hospital. Enjoy all of the quiet and privacy Azbury Woods offers while being only 3 quick miles south on I-69 of the bustling Village of Coventry Exit 102!

 

Homes in Azbury Woods range from $250,000 and up, and the planned pool and pool house will be a fabulous addition to this prestigious community. 

 

The beautiful home sites currently under construction are perfect for the nature lover. With half acres lots overlooking a gorgeous wooded ravine or acre lots with your own private woods, these one of a kind locations are perfect for your dream home.  

 

See all of the details or search all Fort Wayne Homes for Sale at northeasterngroup.com or contact Kim Ward at 260-437-9844.

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Amazing Buescher Home in Hawthorne Park Estates

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The annual Fort Wayne Home Builders Town and Country New Home Tour featured this amazing Buescher homes at Hawthorne Park Estates. Bob Buescher’s ability to design a home specifically for the selected home site is fully demonstrated in this home that takes full advantage of the pond views and future pool view from almost every room in the home. Hundreds of visitors were impressed with Bob’s designs.

 
Hawthorne Park Estates is the most popular new community since Hawthorne Park dominated the luxury new home market from 2001 – 2005. Section I of Hawthorne Park Estates was sold within the first 4 months of completion. With the Parkview Regional Medical Center within walking distance of Hawthorne Park Estates, this is the perfect location for new home buyers.

For more information on Hawthorne Park Estates, call Kim Ward at 260-437-9844. North Eastern Group Realty agents are prepared to assist our clients with their significant Fort Wayne real estate decisions. Our corporate commitment is to provide real knowledge, proven experience and professional, quality service. To search all Fort Wayne homes for sale or find a Fort Wayne REALTOR, visit our website at NorthEasternGroup.com.

North Eastern Group Realty is Fort Wayne’s largest independent real estate company located at 10808 La Cabreah Lane, Fort Wayne, IN 46845.