Building Permits in U.S. Jump to Five-Year High
Posted in the Minneapolis Forum
#1 Nov 26, 2013
By Victoria Stilwell - Nov 26, 2013
Building permits climbed in October to the highest level in more than five years, signaling the U.S. residential real-estate market will strengthen in 2014.
Applications (NHSPATOT) for new construction rose 6.2 percent to a 1.03 million annualized rate, beating all forecasts in a Bloomberg survey of economists and the highest since June 2008, according to Commerce Department figures issued today in Washington. Other data showed property values last quarter increased by the most in more than seven years.
The data indicated multifamily units are poised to lead the advance in homebuilding in coming months as construction companies look past higher borrowing costs and proceed with larger projects. Another report showed consumer sentiment remains fragile heading into the holiday-shopping season, a sign of growing concern the economy will be set back by political gridlock in Washington.
Housing will still contribute to growth, said Brian Jones, a senior U.S. economist at Societe Generale in New York, whose permits forecast was the highest in a Bloomberg survey.We have had a backup in interest rates, but I dont think the backup has been large enough to really choke off housing.
Read more: http://www.bloomberg.com/news/2013-11-26/buil...
Since: Sep 11
#2 Nov 26, 2013
So a lot of people built decks or added rooms this summer.
#3 Nov 26, 2013
Something countermarket is going on. There are tons of used houses "For Sale" and yet people are buying new houses. I have first hand knowledge, the young with money are buying brand new houses.
Used houses sit empty, that will burst at some time.
#4 Nov 26, 2013
Obviously you have no clue what is going on in the real estate market. Prices are up sharply, the number of homes on the market is down, and it is a sellers market these days, with many homes getting multiple offers their first day on the market.
Check out the MLS web site locally for facts.
#5 Nov 26, 2013
You want to buy a house, every block has one for sale on the east side and suburbs of Saint Paul. Maplewood, Oakdale, East Saint Paul etc.
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