New Home Construction Remains Weak
New Home Construction Remains Weak
New Home Construction Remains Weak
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January 24, 2011 (Chris Moore)
mortgage-home-construction-image
The latest new home construction data released by the U.S. Census Bureau and the Department of Housing and Urban Development (HUD) reveals new home construction dropped in December to its lowest level in more than a year as the feeble housing sector ended 2010 on a weak note. Private building of new homes dropped 4.3% in December from a month earlier to a seasonally adjusted annual rate of 529,000, the lowest level of housing starts since October 2009.

The weak economic data surprised many experts who had expected housing starts to be closer to 550,000 units. Housing starts ended the year 8.2% below December 2009.

The construction weakness was the result of single-family housing starts which were at a rate of 417,000; 9.0 percent below the revised November figure of 458,000. It was the lowest level of single-family home construction since May 2009. The December rate for units in multi-family buildings with five units or more was 102,000.

“From what we’ve heard from builders, they’re not very hopeful for recovery in 2011,” said Mark Vitner, a Wells Fargo Securities economist. “The first half of the year, it looks like housing’s going to be dead in the water.”

Builders have been battered by a recession that has included tighter lending standards and competition from an excessive supply of previously owned homes partly fueled by the flood of foreclosures coming on the market.

As fewer Americans opt for home ownership, demand for apartments has been strengthening. Construction of multifamily housing, which includes more than five units, was up 25.9% in December from the prior month. Monthly changes in multifamily housing tend to be volatile. Still, building for new multifamily housing was up 30.8% from the same time a year ago.

One bright spot on the report, building permits for all types of residential housing were up 16.7% in December, however, that was attributed to a rush by builders to apply for approval before new building codes came into effect in California, Pennsylvania, and New York in 2011.

Tags: HUD, census bureau, housing starts, single family homes, multi-family homes, housing construction, tight lending standards, building permits, builders

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Estimate your monthly mortgage payment
Auto Loan
Calculator

Determine how much car you can afford before buying
Learn About
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15 Year vs 30 Year
Loan Comparison

Compare 15 year and 30 year mortgage loans
Todays Mortgage
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January 24, 2011 (Chris Moore)
mortgage-home-construction-image
The latest new home construction data released by the U.S. Census Bureau and the Department of Housing and Urban Development (HUD) reveals new home construction dropped in December to its lowest level in more than a year as the feeble housing sector ended 2010 on a weak note. Private building of new homes dropped 4.3% in December from a month earlier to a seasonally adjusted annual rate of 529,000, the lowest level of housing starts since October 2009.

The weak economic data surprised many experts who had expected housing starts to be closer to 550,000 units. Housing starts ended the year 8.2% below December 2009.

The construction weakness was the result of single-family housing starts which were at a rate of 417,000; 9.0 percent below the revised November figure of 458,000. It was the lowest level of single-family home construction since May 2009. The December rate for units in multi-family buildings with five units or more was 102,000.

“From what we’ve heard from builders, they’re not very hopeful for recovery in 2011,” said Mark Vitner, a Wells Fargo Securities economist. “The first half of the year, it looks like housing’s going to be dead in the water.”

Builders have been battered by a recession that has included tighter lending standards and competition from an excessive supply of previously owned homes partly fueled by the flood of foreclosures coming on the market.

As fewer Americans opt for home ownership, demand for apartments has been strengthening. Construction of multifamily housing, which includes more than five units, was up 25.9% in December from the prior month. Monthly changes in multifamily housing tend to be volatile. Still, building for new multifamily housing was up 30.8% from the same time a year ago.

One bright spot on the report, building permits for all types of residential housing were up 16.7% in December, however, that was attributed to a rush by builders to apply for approval before new building codes came into effect in California, Pennsylvania, and New York in 2011.

Tags: HUD, census bureau, housing starts, single family homes, multi-family homes, housing construction, tight lending standards, building permits, builders

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.
Helpful Tools

January 24, 2011 (Chris Moore)
mortgage-home-construction-image
The latest new home construction data released by the U.S. Census Bureau and the Department of Housing and Urban Development (HUD) reveals new home construction dropped in December to its lowest level in more than a year as the feeble housing sector ended 2010 on a weak note. Private building of new homes dropped 4.3% in December from a month earlier to a seasonally adjusted annual rate of 529,000, the lowest level of housing starts since October 2009.

The weak economic data surprised many experts who had expected housing starts to be closer to 550,000 units. Housing starts ended the year 8.2% below December 2009.

The construction weakness was the result of single-family housing starts which were at a rate of 417,000; 9.0 percent below the revised November figure of 458,000. It was the lowest level of single-family home construction since May 2009. The December rate for units in multi-family buildings with five units or more was 102,000.

“From what we’ve heard from builders, they’re not very hopeful for recovery in 2011,” said Mark Vitner, a Wells Fargo Securities economist. “The first half of the year, it looks like housing’s going to be dead in the water.”

Builders have been battered by a recession that has included tighter lending standards and competition from an excessive supply of previously owned homes partly fueled by the flood of foreclosures coming on the market.

As fewer Americans opt for home ownership, demand for apartments has been strengthening. Construction of multifamily housing, which includes more than five units, was up 25.9% in December from the prior month. Monthly changes in multifamily housing tend to be volatile. Still, building for new multifamily housing was up 30.8% from the same time a year ago.

One bright spot on the report, building permits for all types of residential housing were up 16.7% in December, however, that was attributed to a rush by builders to apply for approval before new building codes came into effect in California, Pennsylvania, and New York in 2011.

Tags: HUD, census bureau, housing starts, single family homes, multi-family homes, housing construction, tight lending standards, building permits, builders

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.