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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.
(Reuters) - Permits for future U.S. home construction hit a near 5-1/2 year-high in October and prices for single-family homes notched big gains in September, suggesting a run-up in mortgage interest rates has not derailed the housing recovery.
The data releases on Tuesday were the latest signs of strength in the economy, despite headwinds from rising mortgage rates and last month's partial government shutdown.
"The reports reinforce the notion that the housing sector is successfully digesting the summer mortgage rate pop," said Mike Englund, chief economist at Action Economics in Boulder, Colorado.
Building permits jumped 6.2 percent last month to an annual rate of 1.03 million units, the highest since June 2008, the Commerce Department said. It was only the second time since mid-2008 that permits breached the 1 million-unit mark.
Last month's increase beat economists' expectations for a 930,000-unit rate. Permits, which lead housing starts by at least a month, rose 5.2 percent in September and were up 13.9 percent from a year ago in October.
Home prices continued to climb in third quarter, rising 11% from a year earlier.
The S&P/Case-Shiller home price index registered its first double-digit year-over-year gain since early 2006 -- just before the height of the housing bubble -- despite a recent rise in mortgage rates.
You should see my neighborhood! It's booming! More than a dozen mid rise and high rise buildings are going up within a 15 block radius of my house, equalling $3.5 Billion dollars. I posted pictures of the major projects on a Philadelphia thread called University City Ascendant.
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.
Not an encouraging sign at all. It just means they're trying reinflating the bubble, as if that were good economics.
There's a ton of empty property almost EVERYWHERE, and building more is setting us up for another glut and price drop, which will end up with bankruptcies, failures, etc, yet again.
Cant beg borrow or steal a Carpenter where I'm at even though we are all in our 50's & 60's that's where the jobs are at kids a skilled trade.I am booked into 2015,past my retirement
The Soho district of Tampa has so many construction projects underway ever since 2012. It is so nice to see because from 2007 until 2012 there was zero construction going on. All you saw were foreclosure signs everywhere. .
Home prices continued to climb in third quarter, rising 11% from a year earlier.
The S&P/Case-Shiller home price index registered its first double-digit year-over-year gain since early 2006 -- just before the height of the housing bubble -- despite a recent rise in mortgage rates.
And how is this good for renters?
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