Robin Weirich

Posts Tagged ‘rates’

Housing Starts at a new high post 2008

In Past Blogs on January 17, 2013 at 1:42 am

New Construction

Here is another good sign in the Housing Market moving forward for 2013.  The Commerce Department said on Thursday that starts at building sites for homes surged 12.1 percent last month to a 954,000-unit annual rate.

Data for U.S. housing starts can be volatile and is sometimes subject to large revisions. The government revised downward its estimate for November housing starts to a 851,000-unit rate from the originally reported 861,000. Some of the strength in December’s reading for starts came from a 20.3 percent surge in multi-family unit construction. That component is especially volatile.

This report builds on a trend of growth that has led many analysts to expect residential construction boosted the economy last year for the first time since 2005.  December’s pace of groundbreaking was the fastest since June 2008.  Permits for future home construction edged higher to a 903,000-unit rate, the quickest since July 2008.

This year, home building is expected to provide stronger support to economic growth, which would partially counter the drag expected from tighter fiscal policy as Washington works to shrink the federal budget deficit.  The housing market has regained some footing after a historic collapse.  Last month, groundbreaking for single-family homes, the largest segment of the market, climbed 8.1 percent last month to a 616,000-unit pace.

Robin Weirich CBW

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Remember “mortgage interest rates” continue to remain at an all time low!