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June Housing Starts: 760K vs. 745K expected and 711K (revised) in May. Permits 755K vs. 775K...

June Housing Starts: 760K vs. 745K expected and 711K (revised) in May. Permits 755K vs. 775K expected and 784K (revised) in May.
Comments (14)
  • bbro
    , contributor
    Comments (9323) | Send Message
     
    Up 23.6% year over year...not a recessionary condition...
    18 Jul 2012, 08:32 AM Reply Like
  • mickmars
    , contributor
    Comments (1323) | Send Message
     
    Eh, foreclosures in my county are up about the same rate year over year this month too.

     

    Suckers building new homes right now are just asking to be instantly underwater.

     

    Record low mortgage rates are certainly keeping us from finding the real bottom in housing though.
    18 Jul 2012, 09:47 AM Reply Like
  • dvargasr
    , contributor
    Comments (307) | Send Message
     
    Which county is that one? I would like the name so we can verify what you are saying. Foreclosures have been going down for alsmot a year.
    18 Jul 2012, 02:25 PM Reply Like
  • mickmars
    , contributor
    Comments (1323) | Send Message
     
    Foreclosure rates are turning up nationally. I'm in a burb county of ATL. It's a bloodbath here.

     

    http://bit.ly/ND7GTG

     

    http://bo.st/ND7H9X

     

    "June provided the latest evidence of this trend, as the number of U.S. homes entering the foreclosure process for the first time increased on an annual basis for the second month in a row"
    20 Jul 2012, 09:38 AM Reply Like
  • wapiti
    , contributor
    Comments (698) | Send Message
     
    doesn't it only add to the supply of homes on the market now?? HArd for real estate to go up when newer and cheaper houses come on the market daily Ever heard of supply and demand economics??
    18 Jul 2012, 08:56 AM Reply Like
  • jwbrewer
    , contributor
    Comments (317) | Send Message
     
    Not really. Single family unit starts is still crawling along the bottom without much improvement. The gains are being made in multi family units (apartments) which will become a blight, eyesore, and a host of other problems in the future, especially in urban areas, when and if, the ecomony and housing markets pick up and americans move back to home ownership.
    18 Jul 2012, 09:03 AM Reply Like
  • American in Paris
    , contributor
    Comments (5504) | Send Message
     
    It's called stronger demand eliciting a greater quantity supplied. Microeconomics 101.

     

    It is unbelievable how some of you were so traumatized by 2008/2009 that you have never recovered ...
    18 Jul 2012, 03:18 PM Reply Like
  • sr1977
    , contributor
    Comments (319) | Send Message
     
    539K were 1 units, 8K (see report) were 2-4 units and 213K were 5+ units.
    18 Jul 2012, 09:14 AM Reply Like
  • bbro
    , contributor
    Comments (9323) | Send Message
     
    Increase in housing starts from May to June 49,000...24,000 of this
    is single family...number of completed homes for sale is at a near 40 year low,,,
    18 Jul 2012, 09:16 AM Reply Like
  • bbro
    , contributor
    Comments (9323) | Send Message
     
    Ratio of Housing Starts to Nonfarm payrolls is .579%,,,highest level
    since Sept 2008,,,but way off its 30 year average of 1.20%
    18 Jul 2012, 09:23 AM Reply Like
  • Josh ODonnell
    , contributor
    Comments (229) | Send Message
     
    Ok so more people are buying, but home prices are still down 2% y/y. So that means to me, most of these homes are probably foreclosures... How many New Home's were sold this year compared to the foreclosures?

     

    Buying up foreclosures alone will not push home prices higher. WE need prices to come back down to where people who earn a living can pay for there house responsibily. They need to stop building and get the inventory of homes under control. They haven't even come close to doing that.
    18 Jul 2012, 09:50 AM Reply Like
  • American in Paris
    , contributor
    Comments (5504) | Send Message
     
    Josh,

     

    That is simply not true. There is strong buying by end users.

     

    I never ceased to be amazed cannot acknowledge the truth.
    18 Jul 2012, 03:19 PM Reply Like
  • Insurance Bull
    , contributor
    Comments (357) | Send Message
     
    I think one of the key points here is that people are beginning to feel confident enough (i.e. not totally confident) to begin building new homes in anticipation of new buyers. That's all. There's no magic to these numbers.

     

    Another note to make is that housing prices are stabilizing. Are they making a turn? That is to be seen, but, contrary to popular belief, home prices will NOT keep decreasing like pessimists hope for. I live in the middle of SoCal where the real estate bubble was one of the worst (i.e. way too many McMansions owned by $40-$50k earners). And housing prices have indeed stabilized (albeit 60-75% lower than 5 years ago).
    18 Jul 2012, 03:47 PM Reply Like
  • Josh ODonnell
    , contributor
    Comments (229) | Send Message
     
    American in Paris:

     

    It is true. Look at home prices. They are down y/y NOT up. We are just seeing the beginning of the unravelling of the housing market.

     

    We can see people buying homes, but not enough to where home prices go back up substantially..It wont happen. Housing was a massive bubble thats popping.
    18 Jul 2012, 10:32 PM Reply Like
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