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US Housing Starts; turning up?
Topic Started: Jul 23 2009, 06:07 AM (138 Views)
big al
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Bull-Carp
U.S. Housing Starts Quarter to Quarter Show a Mending Trend

Big Al
Location: Western PA

"jesu, der simcha fun der man's farlangen."
-bachophile
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The 89th Key
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I'm buying my first home tomorrow. Closing at 4pm EDT. :thumb:
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ivorythumper
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I am so adjective that I verb nouns!
Based on the chart, that would be unduly optimistic. As long as someone can buy for 30cent on the dollar of new construction, the industry is going to remain tanked.
The dogma lives loudly within me.
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big al
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Bull-Carp
Quote:
 
Thomson Reuters
Existing home sales up for third straight month
07.23.09, 11:33 AM EDT

NEW YORK, July 23 (Reuters) - Sales of previously owned homes in the United States increased at a faster-than-expected annual pace in June, an industry survey showed on Thursday, in the third straight month of gains.

KEY POINTS:

* The National Association of Realtors said that sales rose 3.6 percent to an annual rate of 4.89 million units from a downwardly revised 4.72 million pace in May.
* June's reading compared with forecasts for a 4.84 million unit annual pace. Sales were 0.2 percent lower than the 4.90 million-unit level from June 2008.


We're far from out of the woods, but we may not be headed deeper into the wilderness in the housing market anymore.

Big Al

Location: Western PA

"jesu, der simcha fun der man's farlangen."
-bachophile
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ivorythumper
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I am so adjective that I verb nouns!
It would be a good thing if prices have bottomed out and investors are starting to buy up the inventory. You can get some smoking deals if you have the cash. That is quite a different market from new housing starts.

What concerns me more than the housing overstock is the commercial building (retail, office, light industrial) overstock which was all financed and will sit empty for years. When these loans start defaulting, which are on the order of millions of dollars per project, the housing issues will looks small in comparison.
The dogma lives loudly within me.
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