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July 18, 2012

Housing starts on the rise

by Central Coast Lending

Housing starts in June rebounded 6.9 percent to a seasonally adjusted rate of 760,000 units after falling in May (4.8 percent). The rise is the fastest pace in over three years, since October 2008. The June pace (0.760 million units) came in higher than forecasted (0.745 million units) and is up year-over-year (23.6 percent). Groundbreaking for single-family homes is up 4.7 percent, and for multi-family homes is up 12.8 percent. New permits for building homes in June is down (3.7 percent) to a 755,000 unit pace.

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