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March 17, 2011 (Jeff Alan)
mortgage-newhome-image
Housing starts nosedived in February by 22.5 percent compared to January 2011, the lowest in two years and marking the second lowest level on record according to the New Residential Construction Report released by the Commerce Department.

Privately owned housing starts were at a seasonally adjusted rate of 479,000 units, which was 20.8 percent lower than a year earlier.

Single family housing starts for February were at a rate of 375,000 units, which was 11.8 percent below the January figure of 425,000 units. The February rate for units in buildings with five or more units was 96,000 which was nearly half of January’s total of 181,000.

Building permits dropped as well too. Permits authorized in February were at an annual rate of 517,000, which was 8.2 percent below January’s rate of 563,000 and 20.5 percent below February of 2010 which was 650,000

Building permits for single family homes were issued at a rate of 382,000, which is 9.3 percent below the January figure of 421,000. Building permits for buildings with five or more units was at a rate of 121,000 in February which was down from 123,000 units in January.

Building permits are a sign of future building activity and would indicate a further slowdown in future new home construction.

The report comes on the heels of the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) which indicated that builders were feeling slightly more optimistic about the housing market. The index of builder sentiment rose slightly in March to17, the first gain in four months and the highest level since May 2010. However, a reading below 50 indicates negative sentiment about the market.

“Builders are cautiously looking forward to the spring home buying season in hopes that improving economic conditions will help bring more buyers to the table,” said NAHB Chairman Bob Nielsen, a home builder from Reno, Nev. “However, the same factors that have been weighing down the market are still very much in play, particularly competition from short sales and foreclosures, consumers’ inability to sell their existing home, appraisals that are coming in below construction cost due to the inappropriate use of distressed properties as comps, and restrictive lending conditions for both buyers and builders.”

Builder’s optimism was on the rise as sales expectations for the next six months also rose, increasing to 27 on the index, also the highest since May 2010

What a difference a day can make.

Tags: housing starts, building permits, single family homes, NAHB, builders optimistic, builder sentiment, construction, distressed properties

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NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Helpful Tools
Mortgage
Calculator

Estimate your monthly mortgage payment
Auto Loan
Calculator

Determine how much car you can afford before buying
Learn About
Mortgage Loans

Learn about the different types of home loans
15 Year vs 30 Year
Loan Comparison

Compare 15 year and 30 year mortgage loans
Todays Mortgage
Rates

See today's mortgage rates. Shop, compare and save.

March 17, 2011 (Jeff Alan)
mortgage-newhome-image
Housing starts nosedived in February by 22.5 percent compared to January 2011, the lowest in two years and marking the second lowest level on record according to the New Residential Construction Report released by the Commerce Department.

Privately owned housing starts were at a seasonally adjusted rate of 479,000 units, which was 20.8 percent lower than a year earlier.

Single family housing starts for February were at a rate of 375,000 units, which was 11.8 percent below the January figure of 425,000 units. The February rate for units in buildings with five or more units was 96,000 which was nearly half of January’s total of 181,000.

Building permits dropped as well too. Permits authorized in February were at an annual rate of 517,000, which was 8.2 percent below January’s rate of 563,000 and 20.5 percent below February of 2010 which was 650,000

Building permits for single family homes were issued at a rate of 382,000, which is 9.3 percent below the January figure of 421,000. Building permits for buildings with five or more units was at a rate of 121,000 in February which was down from 123,000 units in January.

Building permits are a sign of future building activity and would indicate a further slowdown in future new home construction.

The report comes on the heels of the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) which indicated that builders were feeling slightly more optimistic about the housing market. The index of builder sentiment rose slightly in March to17, the first gain in four months and the highest level since May 2010. However, a reading below 50 indicates negative sentiment about the market.

“Builders are cautiously looking forward to the spring home buying season in hopes that improving economic conditions will help bring more buyers to the table,” said NAHB Chairman Bob Nielsen, a home builder from Reno, Nev. “However, the same factors that have been weighing down the market are still very much in play, particularly competition from short sales and foreclosures, consumers’ inability to sell their existing home, appraisals that are coming in below construction cost due to the inappropriate use of distressed properties as comps, and restrictive lending conditions for both buyers and builders.”

Builder’s optimism was on the rise as sales expectations for the next six months also rose, increasing to 27 on the index, also the highest since May 2010

What a difference a day can make.

Tags: housing starts, building permits, single family homes, NAHB, builders optimistic, builder sentiment, construction, distressed properties

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
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March 17, 2011 (Jeff Alan)
mortgage-newhome-image
Housing starts nosedived in February by 22.5 percent compared to January 2011, the lowest in two years and marking the second lowest level on record according to the New Residential Construction Report released by the Commerce Department.

Privately owned housing starts were at a seasonally adjusted rate of 479,000 units, which was 20.8 percent lower than a year earlier.

Single family housing starts for February were at a rate of 375,000 units, which was 11.8 percent below the January figure of 425,000 units. The February rate for units in buildings with five or more units was 96,000 which was nearly half of January’s total of 181,000.

Building permits dropped as well too. Permits authorized in February were at an annual rate of 517,000, which was 8.2 percent below January’s rate of 563,000 and 20.5 percent below February of 2010 which was 650,000

Building permits for single family homes were issued at a rate of 382,000, which is 9.3 percent below the January figure of 421,000. Building permits for buildings with five or more units was at a rate of 121,000 in February which was down from 123,000 units in January.

Building permits are a sign of future building activity and would indicate a further slowdown in future new home construction.

The report comes on the heels of the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) which indicated that builders were feeling slightly more optimistic about the housing market. The index of builder sentiment rose slightly in March to17, the first gain in four months and the highest level since May 2010. However, a reading below 50 indicates negative sentiment about the market.

“Builders are cautiously looking forward to the spring home buying season in hopes that improving economic conditions will help bring more buyers to the table,” said NAHB Chairman Bob Nielsen, a home builder from Reno, Nev. “However, the same factors that have been weighing down the market are still very much in play, particularly competition from short sales and foreclosures, consumers’ inability to sell their existing home, appraisals that are coming in below construction cost due to the inappropriate use of distressed properties as comps, and restrictive lending conditions for both buyers and builders.”

Builder’s optimism was on the rise as sales expectations for the next six months also rose, increasing to 27 on the index, also the highest since May 2010

What a difference a day can make.

Tags: housing starts, building permits, single family homes, NAHB, builders optimistic, builder sentiment, construction, distressed properties

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.