Construction Of New Homes On The Rise
SOURCE: Yahoo News
The largest percentage increase in new home construction in over two years was reported for April. This is a rare bit of good news in the housing downturn. Even with the improvement in April, housing construction nationwide was 30.6% below the level of activity a year ago. Applications for building permits are considered a sign of future activity. April recorded an increase of 4.9% up to 978,000 units.
The Commerce Department reported Friday that housing construction rose by 8.2 percent in April to a seasonally adjusted annual rate of 1.03 million units. While apartment construction rose by 36 percent, building in the much larger single-family sector of the market fell by 1.7 percent, the 12th consecutive monthly decline, pushing single-family activity down to a 16-year low.
It is felt that this slump in housing will continue for a number of problems. One of the main difficulties includes banks tightening lending standards. Another is the reluctance of many people to make the commitment of buying a home when prices are still falling. Treasury Secretary Henry Paulson said Friday that he believed financial markets are "considerably calmer" now than they were in March.
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The largest percentage increase in new home construction in over two years was reported for April. This is a rare bit of good news in the housing downturn. Even with the improvement in April, housing construction nationwide was 30.6% below the level of activity a year ago. Applications for building permits are considered a sign of future activity. April recorded an increase of 4.9% up to 978,000 units.
The Commerce Department reported Friday that housing construction rose by 8.2 percent in April to a seasonally adjusted annual rate of 1.03 million units. While apartment construction rose by 36 percent, building in the much larger single-family sector of the market fell by 1.7 percent, the 12th consecutive monthly decline, pushing single-family activity down to a 16-year low.
It is felt that this slump in housing will continue for a number of problems. One of the main difficulties includes banks tightening lending standards. Another is the reluctance of many people to make the commitment of buying a home when prices are still falling. Treasury Secretary Henry Paulson said Friday that he believed financial markets are "considerably calmer" now than they were in March.
Read full report »
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