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Housing News

Housing starts up from October, down from 2009- what’s next?

According to U.S. Commerce Department data released today, national housing starts rose 3.9% in November from October, the first uptick since August. New home construction is no longer in its hayday of five years ago where builders whipped up over two million houses in a single year, but it’s stable and hovering at roughly 6% year over year.

Builder confidence has remained stable with a small dip in confidence in holiday foot traffic, single family home builders aren’t being held back by low confidence and near impossible funding- single family home building rose 7%, pointing to multi-family building as a continued weak point in housing starts.

The current threat to the new home sector is a dip in permits issued, which fell 4% in November and fell nearly 15% year over year. Is this cause for speculators to worry?

“The modest increase in single-family starts and permits in November is consistent with a very low inventory of unsold new homes and our member surveys that have shown a degree of optimism among builders with regard to sales expectations in the next six months,” said National Association of Home Builders’ Chief Economist David Crowe. “However, builders continue to find it extremely difficult to obtain credit for acquisition, development and construction activities, and this is weighing on their ability to initiate viable new projects that could generate much-needed job growth.”

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Lani is the COO and News Director at The American Genius, has co-authored a book, co-founded BASHH, Austin Digital Jobs, Remote Digital Jobs, and is a seasoned business writer and editorialist with a penchant for the irreverent.

21 Comments

21 Comments

  1. BawldGuy

    December 16, 2010 at 1:39 pm

    One simple change in current lending would turbo charge many markets. Eliminate the 4/10 property loan limit. My firm would’ve literally sold an additional 18-24 properties but not for this moronic regulation. The profile of these shutout investors?

    760+ FICO. Massive cash reserves. Documented investment/management experience.

    There’s no way I’m the Lone Ranger.

    • Lani Rosales

      December 16, 2010 at 1:53 pm

      No, you’re not the Lone Ranger. But most of your pedigree are not reading blogs, they’re still shoveling coal into their big PCs (not that it means their lack of tech savviness has an impact on their negotiation capabilities, I’m just sayin’). 🙂

      If you say a regulation is moronic, you’re the first person I would listen to and agree with, so I AGREE 😉

  2. Agent for Movoto

    December 16, 2010 at 3:04 pm

    The numbers are modest, but considering the real estate climate this is actually phenomenal news, right?

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