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Commerce Department Report Presents Positive Housing Data

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housing data

Here is a brief summary of a recent article published by RIS Media that actually has some good real estate market news for a change!  Although the information is not specific to rental property, I can only assume that there are some positive residual effects for all segments of the real estate market.

According to a report from the U.S. Commerce Department, the construction of new single-family homes is firmly on the rise. The number of such projects started has been growing slowly but steadily since April 2010, even in the face of a decline in the overall number of housing starts in December. Players in the market are taking this as a hint of things moving in the right direction and are hopeful that the government will do its bit to spur the recovery on. The daily foreclosure numbers, unemployment rates and tightening in lending regulations have slowed the momentum in the market, and government intervention will be necessary to kick start the economy.

2011 fared much better than 2010 in terms of the number of starts in housing projects. Total single and multifamily housing starts last year rose by 3.4 percent as compared to 2010. The National Association of Home Builders is optimistic for 2012, and is predicting a further increase in housing production by 17 percent this year. Permit issuance, one of the predictors of construction figures, also held steady through December, offering positive signals for the New Year.

To read the full article, and to access more stats from the U.S. Commerce Department report, click here.

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