Connect with us

Hi, what are you looking for?

The American GeniusThe American Genius

Housing News

Multifamily permits and starts are up, single family homes decline

Multifamily and single family performance

Today, housing starts and permit data show that housing starts for single family homes dropped 17.2% nationally and permits dropped 9.9% in May.

Painting a very different picture is data from the multifamily sector which enjoyed a 9.7% rise in permits and a striking 33% in May.

Why would the multifamily sector perform so differently that the single family sector? Three words: tax credit expiration. Although multifamily data typically deviates month to month, no single factor impacted this sector like the single family sector was hit.

Although economists and agents on the ground anticipated a drop in single family performance, mainstream analysts did not predict such a spike in multi-family which over the past few years has suffered at the hands of difficult financing as banks tightened lending.

This summer will continue to produce interesting results in both sectors, but with improving performance in multi-family as an overall economic indicator, real estate may look to begin its recovery in 2010 after all.

Advertisement. Scroll to continue reading.

CC Licensed image courtesy of Payton Chung via Flickr.com.

Tara Steele is the News Director at The American Genius, covering entrepreneur, real estate, technology news and everything in between. If you'd like to reach Tara with a question, comment, press release or hot news tip, simply click the link below.

8 Comments

Leave a Reply

Your email address will not be published.

The
American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.

Advertisement

KEEP READING!

Real Estate Technology

(TECH NEWS) It turns out that Internet of Things, like smart bulbs in homes, are not secure and give up your info - here...

Real Estate Marketing

(MARKETING) Your fancy, self-animating website might be making people violently ill, even if it is insanely beautiful. Sorry...

Real Estate Marketing

(MARKETING) Conduit is a CRM that does more than CRM, it analyzes your networking data to help you see how to improve your relationships.

Real Estate Corporate

(REAL ESTATE) Zillow has long been a data powerhouse, but a lawsuit about a $150M listing offers a look into listings claims.

The American Genius is a strong news voice in the entrepreneur and tech world, offering meaningful, concise insight into emerging technologies, the digital economy, best practices, and a shifting business culture. We refuse to publish fluff, and our readers rely on us for inspiring action. Copyright © 2005-2022, The American Genius, LLC.