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Tag Archives: Housing Starts

Builder Confidence Slips in February, South Leads Declines

Led by a sharp drop in the South, builder confidence slipped in February to 46--the lowest level since November--the National Association of Home Builders (NAHB) reported Tuesday. Economists had expected the Housing Market Index (HMI), a measure of confidence, would improve to 48 from January's reading of 47. Nationally, two of the three index components--current single-family sales and buyer traffic--declined, while the assessment of sales for the next six months edged up.

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Freddie Mac Sees Room for Growth in Housing

Well housing activity remains near historical lows, Freddie Mac is taking a more optimistic view: There's still plenty of room to grow. This glass-half-full viewpoint was reflected in the GSE's forecast for housing in 2013, especially for housing starts, which are projected to increase to 950,000 units this year--22 percent higher than 2012 levels. The GSE also expects prices to increase 3 percent in 2013 and 2014, while sales are forecast to rise to an annual rate of 5.45 million and 5.80 million, respectively.

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Analysts Address Imbalance Between Starts, New Sales

While some take it as a good sign that housing starts are again on the rise and construction is making a small comeback, some might cautiously wonder if the market is ready to handle an increase in construction and if we aren't headed for a repeat of the overbuilding that contributed to the past housing boom and bust. The Census Bureau reports new home sales have risen 9 percent over the past year, while housing starts have risen by a much higher 37 percent. However, Capital Economics insists the imbalance is actually not unusual.

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Housing Starts Soar in December

Builders broke ground on new homes at a yearly rate of 954,000 in December, a 12.1 percent jump over November and the highest rate since July 2008, the Census Bureau and HUD reported jointly Thursday. Applications for residential permits rose a modest 0.3 percent, and residential completions rose 1.6 percent. Single-family starts rose in December to a rate of 616,000, the strongest pace since June 2008. According to the data, multi-family starts rose in December to a pace of 330,000 from November's revised 268,000.

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Beige Book Shows Expanding Economy at End of 2012

Fed

Economic activity "expanded" in the closing weeks of 2012, the Federal Reserve said in its periodic Beige Book released Wednesday, reflecting a slow but steadily declining unemployment rate and low rates of inflation--conditions the Fed said would have to be met before it raises interest rates. According to the report, "real estate activity has expanded or held steady in 11 Districts for existing home sales and leasing; eight Districts for residential construction; 11 Districts for nonresidential sales and leasing; and nine Districts for nonresidential construction."

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Commentary: Filling The Void

President Obama opened a big hole in his White House by tapping Jack Lew to replace Timothy Geithner as Secretary of the Treasury, leaving empty--for the moment--the role of chief of staff. It's not the first time the president has looked to change nameplates of those who already worked for him. Strong managers, according to Harvard Business School theory, can move from one discipline to another without specific expertise, and Harvard Law alum Obama apparently picked up something beyond a law degree while in Cambridge.

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NAHB: Production to Pick Up Speed in 2013 as Demand Increases

2012's upward trends in most housing indicators point to continued growth in the new year--but the road to recovery isn't clear yet, the National Association of Home Builders (NAHB) says in its 2013 outlook. NAHB chief economist David Crowe notes the market is transitioning from a very low demand level to a case where supply may be a problem. As new homes are built to address supply concerns, the new stock is expected to take a much more active role in the recovery.

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