Posted by: islamicfinancingnews | March 20, 2013

Islamic mortgages and signs of a housing recovery

islam-11 There is some positive news on the housing horizon which can benefit practicing Muslims looking to Islamic loans to help buy a home or replace an existing mortgage. After slow growth for approximately five years, recovery in the housing industry is gaining momentum according to a U.S. Commerce Department housing report outlined in the U.S. News & World Report news magazine.

The study indicates single family home construction has risen to its highest level since mid-2008 together with an increase in building permits for future construction, with overall housing starts rising 28% over the past year. Due in part to an increase in job numbers and record low mortgage rates, more Americans want to buy homes and new homes greatly impact the economy. Statistics from homebuilders indicate three jobs per year on average are created from every home built and that in turn generates tax revenue of approximately ninety thousand dollars.

According to a recent CoreLogic report, a lower number of available homes for sale on the market resulted in home prices rising almost ten percent in the first month of 2013, compared with the previous 12 months. Meanwhile, findings from a separate report indicate the number of Americans reporting equity in their homes also rose last year and that could entice more people to list their homes for sale or refinance. That’s good news all around, both for homeowners and the economy as a whole.

Having access to the right information will help you make better choices when it comes to financing options like Sharia compliant Islamic mortgages.

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