June saw a nationwide increase of groundbreaking for new homes at a pace we haven?t seen for over 3 years, which helped to somewhat boost a gradually slowing economy.
According the Commerce Department, housing starts rose to a seasonally adjusted rate of 760,000 units per year?an increase of 6.9%?which is the highest rate we?ve seen since October of 2008. This is above a recent Reuters poll which forecast a rate of 745,000 units annually. Since its collapse 6 years ago, the housing market has finally begun to have a positive influence on the economy, though it?s still far from perfect.
The number of applicants for mortgages has recently jumped as a result of refinancing demand, directly associated to the record-low fall of 30-year mortgage rates, according to Mortgage Bankers Association. Different organizations seem to disagree somewhat on whether the housing market is noticeably improving or not, though the majority consensus seems to be that home purchases and home prices are both increasing.
According to the Commerce Department?s numbers, groundbreaking occurred at a rate of 711,000 units per year in May 2012. In June, the Commerce Department?s report showed an increase of 4.7% on groundbreaking for single-family homes and an increase of 12.8% on multi-family properties. However, new permits for building houses dropped to a rate of 755,000 units annually or a decrease of 3.7%.
Do you think Boston real estate building will begin to slow by summer?s end or do you think it will continue to increase over time?
Source: http://www.firstbostonrealty.com/blog/building-may-help-slowing-economy/
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