Housing Market Shows Signs of Life with Gains in New Home Builder Construction
New Home Builder Construction Gains
The housing market is finally showing signs of recovery with home builder construction gains in June. Recent reports released from Reuters and other associated press claim housing starts are rebounding with residential construction rising 14.6 percent to a 6 month high in June. The Commerce Department reported housing starts increased to 629,000 units in June, the highest level since January, mostly attributed to ground breaking multi-family units soaring 30.4%. Lending roadblocks have led to a decrease in home ownership ultimately pushing demand up for rentals and increasing multi-family apartment community construction. Many lenders are now requiring higher credit scores and a minimum of 20% down to qualify for the lowest interest rates.
While most of the gain in June was attributed to multi-family apartment and condo construction, an unexpected gain in builder permits at 2.5% revealed a sturdy gain in new construction single family homes as well. Single Family home construction rose 9.4% in June 2011, the largest increase since June 2009.
Dallas Real Estate Market | Dallas Real Estate News
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