The federal Department of Housing and Urban Development reports that residential real estate prices continue to rise. The median home price in 2011 was $110,000, according to American Housing Survey data gathered by the Census Bureau. New statistics also reveal that the median price went up by approximately $2,500 since the last survey was conducted in 2009. During this time period, the median price achieved an average yearly increase of about 1.16 percent.
It may seem unusual that HUD is releasing 2011 statistics in 2013. However, this is part of the normal data collection process. The Census Bureau conducts a housing survey every other year, and HUD issues a detailed report when the next survey begins. Government researchers also compile data on real estate trends in nearly 30 major American cities. The Census Bureau receives funding from HUD that enables it to collect this information.
The median home price has a substantial impact on the mortgage industry, housing costs and the entire economy. Moderate prices encourage buyers and sellers to initiate more real estate transactions. Other facts in the HUD report shed light on specific aspects of the housing sector, such as home maintenance and new construction. The department’s deputy assistant secretary for economic affairs recently commented on the significance of these statistics.
Kurt Usowski stated that the HUD report underlines the great importance of real estate to the U.S. economy. He pointed to the huge impact that housing industry trends have had on local and national economies since 2008. The real estate market also influences the quality of public services because it has an effect on municipal government revenues. The secretary went on to explain how data from the American Housing Survey has benefited the public for several decades.
Among other facts, this data reveals the average frequency of home repairs, reasons why people relocate to new areas and the types of homes people prefer. The report also contrasts the increase in housing costs with the rising number of residential units. This information helps policymakers, individuals and businesses react to changing real estate trends. For example, Usowski remarked that the data helps officials find more effective ways to rectify the housing crisis.
This information may aid government agencies in their efforts to accelerate the economic recovery as well. Officials must have reliable data on the real estate market to enact beneficial policies. Most financial analysts believe that a revival of the housing sector needs to occur before the country can restore economic prosperity. Despite recent improvements in the U.S. economy, some homeowners still face onerous mortgage payments that they cannot afford.
Foreclosure remains a serious concern for many Americans. The high-interest loans that prompted the housing crisis continue to burden these homeowners. Stagnant wages, expensive fuel and rising food prices make it even more difficult to make loan payments on time. If you are unable to pay your mortgage, take action before the bank initiates foreclosure proceedings. Contact a foreclosure defense lawyer for expert advice on preventing the loss of your home.