I recently got an update from a local lender, Canda White at First United Bank, pertaining to the current housing climate. I thought the email packed a ton of insight. NAHB recently released a new study about the impact new housing could have on the recovery. Phido Group LLC, mine and Robert Gideon II’s construction company, is a member of NAHB and are excited about this new study. I do share this with one caveat…. the recent over supply of oil could have a big impact on the economy here in Oklahoma.
From the email:
“In times of economic uncertainty, the housing market has traditionally played a significant role in helping the country get back on its feet. There are many reasons for this, including the fact that real estate, unlike stocks and bonds, is a hard asset with intrinsic value. It also has the added benefit of helping to create jobs, taxes, and revenue.
In fact, according to the National Association of Home Builders (NAHB) recent National Impact of Home Building and Remodeling report, building 1,000 average single-family homes creates 2,900 full-time jobs and generates $110 million in taxes and fees. NAHB chairman, Dean Mon, says he expects the housing market to help lead the economic rebound after the coronavirus crisis subsides.
“Before the coronavirus pummeled the U.S. economy, housing was on the rise, with January and February new home sales numbers posting their highest reading since the Great Recession,” Mon said. “The demand is clearly there, and as this study shows, we expect housing will play its traditional role of helping to lead the economy out of recession later in 2020 when the pandemic subsides.””
Jason Phillips, MBA, GRI
NextHome Central Real Estate
405.615.2035 / email@example.com