Ivory Homes Says Housing Recovery Underway
SALT LAKE CITY, Utah – Ivory Homes, a leading provider of pre-built and custom-built homes for sale in Utah, has identified that the housing recovery is well underway. The company points to several strong signs that recovery is no longer a hope, but instead a reality.
“There’s no doubt that the past five years have been challenging for the housing industry,” said Ty Perry, sales consultant for Ivory Homes. “But it appears the bottom of the market has come and gone, and there are several reasons to be confident about the recovery.”
According to Ivory Homes, the first positive signs are that both existing home sales and building permits are up. Existing home sales are up 10-percent compared with last year, and homebuilders have taken out 24-percent more building permits over the same period. This positive trend is not just in smaller to midsized communities, but also in higher density urban areas, such as homes in Salt Lake City.
The next positive signs of recovery are in regards to home construction. In April 2012, there were 30-percent more homes under construction compared with April of 2011. Furthermore, builders are finishing more homes this year — up 20 percent year-over-year.
These previous stats signify that homebuilders are becoming more confident in the market. “A new survey shows that homebuilder confidence is higher than any time in the past five years,” said Perry. “This is important because homebuilders have a ground-level view of their local markets, and this is a solid indicator of the housing industry’s growing strength.”
Another sign of recovery is that investor sales are down. “Investors are the pioneers in a bad market, and when homebuyers move in, investors move out,” said Perry. “We are now seeing fewer investor sales than in the previous few years, which is a sign of housing stabilization.”
Homeowners are becoming more stable as well. Mortgage delinquencies and defaults are at the lowest levels in the past four years, and foreclosure filings are declining. “In April, foreclosure filings dropped by 16 percent, so now we are at a foreclosure level that is 70-percent lower than its peak in 2009,” said Perry.
All of these positive factors signify a recovering market, but some caution that there have been short-lived positive signs in the past. Ivory Homes feels there is one additional factor that sheds light on this recovery being a trend, not a mirage.
“Certainly we’ve seen slight upticks in the housing marketing before,” said Perry.” But the big difference this time around is that we are seeing this stabilization without the support of tax credits and in spite of a decline in foreclosure sales.”
Given this overall industry positivity combined with the homebuyer advantages in the local market, Ivory Homes continues to encourage home ownership. “Right now is an incredibly unique time to buy, not only just homes in Salt Lake City, but homes for sale in Utah overall,” said Perry. “With prices and interest rates still ridiculously low, now is the time to take advantage of the bottom part of the recession.”
Ivory Homes has been Utah’s largest homebuilder since 1990. For more information, contact Ivory Homes’ corporate office, 978 Woodoak Lane, Salt Lake City, UT 84117, call 801-747-7000, visit the website at www.ivoryhomes.com or check out the YouTube channel at www.youtube.com/ivoryhomes.
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