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Housing Starts At Highest Point Since 2008
Topic Started: Oct 18 2012, 12:57 AM (269 Views)
catdaddy25
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In yet another positive economic indicator, the Census Bureau released new data on Wednesday showing energizing news for the housing market.

The housing recovery surged in September, fueled by a rate of home building at its highest point since 2008. Housing starts in the U.S. grew by 15 percent from last month as 872,000 homes began construction. Additionally, building permits for privately-owned houses swelled by 11.6 percent relative to August, at an annual rate of 894,000.

Mortgage rates are now at record lows, and with the third round of quantitative easing (QE3) announced by the Federal Reserve last month — a plan to buy $40 billion in mortgage-backed securities each month indefinitely — rates will likely remain low in the near future.

The latest report from the Department of Commerce is a boon to the labor market, which will likely see construction jobs slowly tick back to pre-recession numbers. Construction employment suffered particularly as a result of the housing bubble that popped in 2007.

Last week, JPMorgan Chief Executive Officer Jamie Dimon released a statement expressing newfound confidence in the recovery.

http://www.nationalmemo.com/housing-starts-at-highest-point-since-2008/
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Mal

This is good news for the country and the economy, more housing permits to build means more jobs, more supplies and more communities growing. Foreclosures are also at a record low.
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TommyT
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More news that favors Obama, but unlikely to lead to a victory.
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