Editorial

Front Page - Friday, October 1, 2010

Housing starts rise 10.5 percent in August

Nationwide total housing starts rose 10.5 percent to a seasonally adjusted annual rate of 598,000 units in August, bringing the pace of production more in line with the level of construction activity before the popular home buyer tax credit temporarily stimulated housing sales earlier this year, according to U.S. Commerce Department figures.
While most of the month’s
gain occurred on the multifamily side, single-family housing production, which increased 4.3 percent to 436,000 units, was still 9.1 percent below August 2009 as builders struggled to obtain finance and remained cautious about sustained demand.
“The vast majority of builders in this country operate small, single-family homebuilding firms and they are struggling to obtain acquisition, development and construction financing that will enable them to meet the current level of buyer demand and put more Americans back to work,” said Bob Jones, chairman of the National Association of Home Builders.
“The housing market has been in a holding pattern as the economy stalled in the second and third quarters. Construction activity returned to pre-home buyers tax credit levels in August as builders replaced sold single family homes and begin replenishing apartment building supply after a three year steady decline in multifamily construction,” said NAHB Chief Economist David Crowe.
“Consumer uncertainty about the economy, the poor job market and the large number of foreclosed properties for sale continue to be a drag on housing. However, favorable home buying conditions should help spur additional demand as the job market gradually improves later this year,” he added.
Source: NAHB

Search Hamilton County property sales, mortgages, court filings, incorporation filings, liens & more INSTANTLY.

View official public notices.

Home | Public Notices | All Statewide Public Notices | Name & Property Search | Site Login