I'm sure you meant shedding the effects of the Bush Democrat and Republican Congress debacle.WASHINGTON (MarketWatch)— Construction on new homes rose in October to the highest rate in more than four years, government data showed Tuesday, in another sign of a strengthening U.S. housing market.
Housing starts rose 3.6% last month to a seasonally adjusted annual rate of 894,000, the highest rate since July 2008, the U.S. Department of Commerce reported. Starts are up 42% from last year, though the rate remains far below a bubble peak of almost 2.3 million in 2006.
Slowly shedding the effects of the Bush debacle.
Even with this good news, there is a dark cloud still hovering, sad to say.
Sales and prices still remain below normal levels because many potential buyers can't meet stricter lending standards or make the larger down payments that banks have required since the housing bust.
This is particularly true for first-time buyers who accounted for 31% of home sales in October which was down slightly from September and below the 40% common in a healthy market.
Ben Bernanke said last week that banks' overly tight lending standards might be limiting home sales and holding back the economic recovery.
But any good news is better than no good news.