Category — Construction

The total number of housing starts rose 1.5 percent to the highest number in nine months.  This number matches economists projections.   

Building permits have also seen an increase of 2.7% and economists are predicting this number to grow more before it decreases again.

  Information released by Bloomberg.com this morning shows that new homes sales have risen 11% in the month of June.  This is the biggest jump in eight years! 

Falling prices and a drop in mortgage rates are getting buyers off the bench. “We are making some progress in absorbing this huge inventory overhang” and that “is a fundamental step we need to take to begin to see home prices improve,” said Robert Dye, a senior economist at PNC Financial Services Group in Pittsburgh.

Another positive sign for the housing market is the fact that some of the nation’s major building corporations have shown positive signs as their stocks jump. 

The Level of Construction of new US homes rose in June to the highest that it has been in seven months. 

Many builders are rushing to build homes for first time home buyers that are taking advantage of the first time home buyer tax credit. The Commerce Department reported last week that construction of new homes and apartments has risen 3.6% over last month.  “This was the most positive housing report in ages” said Patrick Newport, an economist with IHS Global Insight. 

Home buyers are finding that now is the time to buy with low home prices, and the $8000 tax credit that first-time home buyers will be receiving until December 1. 

Construction of new homes jumped in May by the largest amount in three months. 

This growth indicates that the nation’s housing market is showing the beginning signs of recovery.  The Commerce Department said on Tuesday the construction of new homes and apartments rose 17.2% last month.  

Another positive indicator of recovery is the fact that more contractors are applying for building permits. Applications for building permits has risen 4%.