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Behind the Numbers: Housing Starts September 18, 2009

Posted by John Watch in News Feed.
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Where is the Real Estate Market Today?

Yesterday, the news of housing starts and permits reaching a nine month high circulated around the news desks. Rising 1.5% to an annual rate of 598,000, the good news of potential recovery was in full swing.

Looking more closely however, property data from public records show the multi-family sector being the sole supporter of the increase, jumping 25.3% after a 15.2% decline the previous month. Single-family starts dropped 3% for the first time in sixth months. The only region in the market seeing an increase was the Northeast region (where multi-family housing is prevalent), as other regions were either flat or declining.

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1. tony - September 19, 2009

this is so true, i always wonder how they can state that housing is in a recovery becauce housing starts are up or because mortgage applications are up, when they know that the number of new housing permits applied for does not mean that the project has began but only that the paper work to satisfy all the city building ordances and necessary city approvals is why the application for permit is filed, so it does not mean that project will be approved and even if it is approved that the project will have the full financing to be built. likewise for mortgages, the mortgages application number increase does not mean that those mortgages will be approved, but only it tell how many people have applied for mortgages, and without the money to buy there is no reason to build, therefore no recovery, so therefore i find that all news media outlet really mislead the public when they give this information


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