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because you and your cousins decided to start working again
http://money.cnn.com/2009/03/17/real...arts/index.htm
Housing starts unexpectedly surge
Government report shows construction of new homes jumped 22% in February
By Ben Rooney, CNNMoney.com staff writer
Last Updated: March 17, 2009: 9:32 AM ET
NEW YORK (CNNMoney.com) -- Initial construction of U.S. homes unexpectedly surged in February, after falling for eight months, according to a government report released Tuesday.
Housing starts rose to a seasonally adjusted annual rate of 583,000 last month, up 22% from a revised 477,000 in January, according to the Commerce Department. It was the first time housing starts increased since June, when they rose 11%.
Economists were expecting housing starts to decline to 450,000, according to consensus estimates compiled by Briefing.com. Still, starts are down more than 47% from February 2008, when over 1.1 million new homes broke ground.
New construction of single-family homes, considered the core of the housing market, increased 1.1% to an annual rate of 357,000 versus 353,000 in January.
February's increase was driven by a nearly 80% increase in construction of multi-family homes. New construction of buildings with 5 or more units increased surged 80% to 212,000 from 118,000 in January.
Applications for building permits, considered a reliable sign of future construction activity, rose 3% to a seasonally adjusted annual rate of 547,000 last month. Economists were expecting permits to fall to 500,000.
While the surge in new construction was a welcome sign for the nation's battered housing market, analysts warned that the increase could be short lived.
"With new home sales still falling and the months' supply at a record, there is no reason for homebuilding to rise," wrote Ian Sheperdson, chief U.S. economist at High Frequency Economics in a research note. "This is a temporary rebound, not a recovery."
New home construction surged in the Northeast, jumping nearly 89% last month. Starts also increased in the Midwest and the South.
In the West, where the housing market was overbuilt in the boom years and where there is a glut of foreclosed homes, starts declined nearly 25% versus the previous month.
because you and your cousins decided to start working again
That is great news if there are buyers for those new homes.
Pinche Orion!!!
So there are basically a bazillion houses on the market already and these assholes start building more. Brilliant.
Edit: well, actually they're mostly building apartments to deal with all the people who are having their houses foreclosed. Even so, an 89% increase in the NE? Will these developers NEVER learn?
it's great time to buy if you are a first time buyer.
big tax break.
Single family is flat. The jump is starts was all apartments. People gotta live somewhere.
This is a dead donkey bounce.
Pretty much . . .
The best thing about this is that in the relatively short term future when I'm ready to purchase a home the market will likely be quite ripe for the picking.
they forget to mention the number of foreclosures with these new homes down the road, when ppl cant pay up......
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