Things are looking up for housing, and that's welcome news to home builders and homebuyers alike, after housing sales activity sank to a 30-year low during 2023.
Following a week when we saw the biggest drop in mortgage rates since May last year and Mortgage Bankers Association data also showed a 10% uptick in mortgage applications for the week ending Jan. 12, National Association of Home Builders' CEO Jim Tobin had a positive outlook on what's in store for housing during the coming five to six years.
In an interview with Yahoo Finance Live, Tobin said:
"I think we're heading toward a housing renaissance. I think 2024 is shaping up to be that pivot year where we leave the doldrums of the post-COVID slowdown, and we really pivot into the next five or six years in the housing market where we're going to see some great growth. We're going to see homebuilders meet that pent-up demand for single-family and multifamily housing, so I'm very optimistic."
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