MICHIGAN HOUSING FUTURE IS LOOKING UP
A statewide survey of Michigan homebuilders and remodelers showed significant improvement in the building industry’s outlook for the future. The Michigan Housing Index covering the third quarter of July through September showed a sharp increase from the second quarter index, and was significantly higher than the same period one year ago. New homebuilding activity registered a score of 52 for the quarter ending September 30th, compared to 38 at the end of June and 31 in the same period in 2011. The remodelers index compiled by the Home Builders Association of Michigan stood at 50 for the last quarter compared to 40 in the second quarter and 45 a year ago. The homebuilding industry is concerned over the possibility that Congress and the President could begin overhauling the federal tax code in 2013, which could threaten some of the most important tools that encourage home ownership, including the ability for consumers to deduct mortgage interest.