The Smart Team of NOVA® Home Loans

New Construction Beginning at a Quicker Pace Despite Decline in Permits

Posted To: MND NewsWire

Housing permits were down in February, wiping out the gains posted in January, while housing starts also reversed course , posting the year’s first gains. All three of the housing measures in the residential construction report from the U.S. Census Bureau and the Department of Housing and Urban Development posted increases over the previous February. Today’s construction report says privately-owned permits for residential construction dropped by 6.2 percent to a seasonally adjusted annual rate of 1,213,000 compared to a revised rate of 1,293,000 in January. The January revision was from an originally reported rate of 1,285,000. February’s number was 4.4 percent higher than the rate of permitting a year earlier, estimated at 1,162,000 units. Analysts had expected a downturn in permitting, but…(read more)

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Source: Mortgage News Daily

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