Roofing Contractors in Omaha, NE Discuss the Current Housing MarketOct 05, 2013
An article published by Reuters on July 15, 2013 discussed the current struggles of the construction industry. Homebuilding companies have been struggling to meet deadlines and new orders from prospective homeowners due to the shortage of construction supplies and manpower. Moreover, banks and other lenders are still reluctant to lend to homebuilding companies because of the liquidity crisis of 2007 and 2008.
An excerpt from the article stated that:
A wider housing market recovery has yet to filter down to regional building products makers – the companies that supply the roofing, walls and interior fittings needed to build these new homes.
They are operating in a much tighter credit market, and with workforces pruned during the recession triggered by the housing market crash in 2007.
A much less flexible credit market, combined with the scarcity of building materials and manpower, means that construction has been lagging behind demand. The recent government shut down is also adding fuel to the fire. Since thousands of federal workers have been furloughed, lenders are having a hard time verifying borrowers’ income and other data with the Internal Revenue Service and Social Security Administration, making it hard to authorize loans.
As these developments have been affecting the housing market, analysts from the National Association of Home Builders recommend that home buyers and builders place their projects on temporary hold until the debt and budget deadlines are settled in Washington. Instead of upgrading to brand new homes, current homeowners should consider refurbishing their current homes. This can be achieved with the help of roofing contractors in Omaha, like Waddle Exteriors.
Homeowners can opt to refurbish and beautify their current homes, and roofing contractors in Des Moines, IA can restore the functionality and aesthetic appeal of roofing systems. Aside from roof repairs and installations, these licensed contractors can also install and repair gutters, siding, and windows. Homeowners are given additional peace of mind, since many roof repairs are covered by homeowners’ insurance.
With the current state of the housing sector and the economy, it is wise for homeowners to stay put in their current abodes. Certified and experienced roofing contractors, from companies like Waddle Exteriors, can boost your home’s resale value and curb appeal with their remodeling work. This way, when the housing market does recover, your home will receive a higher appraisal amount.
(Info from Starved of credit, construction suppliers lag housing rebound; Reuters; Jul 15, 2013)