Good News on U.S. Housing Starts

Finally some good news regarding housing starts and permits. In June, as a government report shows there was an increase from May, the biggest jump in single family home starts since December 2004. The 14.4 percent increase suggests the housing sector may be stabilizing.

For the first time since February-March 2007  single family starts have risen for two straight months. An indicator for builder confidence, June permits to start construction  soared 8.7 percent. Compared to a year ago, June starts were down 46% and permits down 52%.

Pierre Ellis, an economist at Decision Economics in New York, states, "The housing starts rise is clear evidence of a rebound of demand for single family homes." The increase actually surprised "experts" who when polled by Reuters expected stats to be unchanged.

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