Spring officially began last week, marking the beginning of the busiest time of the year for the real estate industry. On March 20, lending-giant Freddie Mac released its U.S. Economic and Housing Market Outlook, which reveals that there's a lot to be excited about this year.
Perhaps the most significant bit of data in the report is that Freddie Mac is predicting the healthiest spring home buying season since 2007, before the Great Recession and the subsequent housing crisis struck America. Property sales are expected to increase 8 to 10 percent in 2013 compared to 2012. Additionally, housing starts have jumped from 780,000 to 950,000 year-over-year.
Frank Nothaft, Freddie Mac's vice president and chief economist, spoke in the company's press release about what's to come for the real estate industry.
"History shows us not all economic recoveries are created equal and consumer confidence mirrors this fact," Nothaft said. "With the spring home buying season upon us, the recent highs in the stock market are a welcome signal of better times ahead. But it will be the gradually declining unemployment rate and steadily improving housing market that will deliver broad-based economic benefits for Americans and, in turn, support the overall recovery."
As the housing market continues to improve and real estate activity begins to pick up in the coming weeks, there is a good chance that more people will consider buying and selling homes. With mortgage rates low, property prices increasing and consumer confidence growing, there is a lot for consumers to take advantage of. It's important, as always, for lenders to ensure that borrowers can stay on top of their monthly payments, and they can do so by investing in loan management software.