Home Building Surges to 4-Year High
NEW YORK (CNNMoney) — The housing recovery blossomed in September, as the pace of home building surged to a four-year high, accordingto a government report issued Wednesday.
–Builders Started work at an annual pace of 872,000 homes last month, up 15% from the pace in August. They also filed for permits to build homes at an annual rate of 894,000, up 11.6% from the previous month. Both readings were the best since the summer of 2008, before the meltdown in financial markets that caused home lending and building to freeze up.
–Mortgage rates are now near record lows
–Forclosures have falled to a five-year low, reducing the supply of distressed homes available on the market.
All these factors have holped to lift home prices and get builders back building again. This imporvement in the increased numbers was greater than expected. The most impressive part is the 11% rise in fingle-family homes. It was stated that this shows an improvement in the underlying housing market.
Full Article, October 17, 2012 – http://cnnmon.ie/Tc1Dtr