Tag Archives: Housing Starts

Single family starts increased 28,000 in August to 535,000, the highest level since April 2010, the Census Bureau and HUD reported jointly Wednesday. Despite the increase total, housing starts improved just 17,000 as multi-family starts fell. Despite the increase total, housing starts improved just 17,000 as multi-family starts fell. Housing permits meanwhile dropped 9,000 to 802,000. Economists had expected total starts to increase to 768,000 and permits to slip to 803,000.

In another positive sign for the housing sector, the Pending Home Sales Index rose 2.4 percent in July to 101.7, its highest level since April 2010, the National Association of Realtors reported Wednesday. Economists had expected a 1.0 percent increase to 100.3. The July increase more than reversed an unexpected 1.4 percent drop to 99.3 in June. The only negatives in recent reports were a slight drop in housing starts in July and drops in the median price for existing and new homes in July.

July├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós positive economic news did little to change Fannie Mae├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós forecast for 2012, the GSE revealed Tuesday. Fannie Mae├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós Economic & Strategic Research Group issued its latest economic outlook, maintaining its expectations for modest growth in 2012. This news comes in spite of reports of strengthening retail sales and job growth in July. Fannie Mae├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós Economic & Strategic Research Group issued its latest economic outlook, maintaining its expectations for modest growth in 2012.

Despite continuing improvement in builder confidence, housing starts slipped in July to 746,000 with single-family starts accounting for decline, the Census Bureau and Department of Housing and Urban Development reported jointly Thursday. Housing permits though improved to 812,000, the highest level in almost four years. Economists surveyed by Bloomberg expected 750,000 starts and 766,000 permits in July. Total housing completions in June rose to 668,000, the highest level since June 2010.

Builder confidence improved two points in August to 37, its highest level since February 2007, the National Association of Home Builders (NAHB) reported Wednesday. Economists had expected the index to remain flat at 35. The improvement in the index in August marked the fourth straight month-month gain.

A weakened second quarter may indicate a slowdown in economic activity for the rest of the year, Fannie Mae reported Monday. According to a report from the GSE, its Economic & Strategic Research Group may have been too optimistic in its original 2012 GDP growth projection of 2.2 percent. Its revised growth rate estimate is 2.0 percent. Despite the downgrade in anticipated economic growth, Fannie Mae found a silver lining in the housing market. Year-over-year, home sales increased by 9 percent, and single-family housing starts are nearly 20 percent higher (although still below healthy norms).

The housing recovery is strengthening and turning onto a sustainable path, Barclays said in a report Wednesday. According to the firm's U.S. Housing report, single-family housing starts are expected to trend upward, matching the strength of multi-family starts that has driven the housing recovery over the past year. Barclays also anticipates that home price indices will close out the year strong, suggesting a broadening and lasting recovery. The rising supply and steady sales pace of single-family starts apparently encouraged homebuilders.

Housing starts in June soared to their highest level since October 2008, surging 6.9 percent to 760,000, the Census Bureau and HUD reported jointly Wednesday. Housing permits dropped 3.7 percent to 755,000 giving back half of May's gain. At the same time, permits for May were revised up to 784,000 from the originally reported 780,000 and housing starts were revised up for both April and May, to 747,000 and 711,000 respectively from 744,000 and 708,000. Total housing completions in June rose to 622,000.

Builder confidence jumped six points in July to its highest level since March 2007, the National Association of Home Builders reported Tuesday. Economists had expected a modest one point increase in July. The six-point gain to 35 was the largest month-month gain since September 2002 when the confidence gauge rose eight points. The increase in the index was driven by a sharp gain in the outlook for sales six months out which rose 11 points in July to 44, the highest level since April 2007. The index is up 23 points since July 2011.

While the lights of the housing market continue to flicker, rental market activity has been a bright spot, said Freddie Mac's U.S. Economic and Housing Market Outlook for June. The enterprise├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós report, released Tuesday, showed that newly formed households seem more interested in renting over owning as the economy struggles to get back on its feet. Freddie Mac expects this trend to continue for the near future. Reis found a 2.8 percent gain in its markets during the same period, while Axiometrics reported a 4 percent rise in nominal rents.