News from "The Wall Street Journal" concerning New Home Construction, the road to recovery is going to be slow but looking at the recent trends, I believe the housing market has stabilized and will slowly adjust to normal level by the year 2012.
Report: New-Home Construction IncreasingDespite high unemployment and general concerns of too much existing inventory, new-home construction appears to be rising.
According to Friday’s report from the U.S. Commerce Department, construction of new homes rose 3.6 percent in June compared to May. Building permits climbed 8.7 percent, and single-family home starts jumped 14.4 percent to 470,000, after rising 5.9 percent in May.
In real numbers, ground was broken for an estimated 58,300 houses nationwide in June, and an estimated 58,400 building permits were issued.
Here’s a look at housing starts in different U.S. regions:
- Midwest: up 33.3 percent
- Northeast: up 28.6 percent
- South: down 1.4 percent
- West: down 14.8 percent
Source: The Wall Street Journal, Jeff Bater (06/17/2009)
Home Builder Optimism Climbs
Home-builder optimism improved this week with the National Association of Home Builders’ index of member sentiment rising two points to 17, its highest since September 2008.
The report tracks the perceptions of 484 residential builders nationwide. Index readings lower than 50 indicate a predominance of negative sentiment. Still, this increase could be a sign that new-home contractors are seeing improvement in the market.
Source: The Associated Press, Alex Veiga (07/16/2009)
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