Some Positive Signs For The Housing Market?
March 27, 2009, Writen by: Chris Anderson, Ph.D
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Two pieces of data have been reported recently that actually give a glimmer of hope for the battered housing market.
- New residential building permits ticked up 3% from January to February; and
- Sales of New, single family homes increased by 47%
While this is a long way from a rip roaring “Buy” signal, it is an encouraging sign for a change.
According to the Washington Post:
The number of newly issued residential building permits, which offers a glimpse of construction activity in coming months, ticked up 3 percent in February from January. Existing-home sales were up 5.1 percent, according to industry data released this week. And yesterday, government data showed that sales of new single-family homes increased 4.7 percent, the first increase in that market in seven months.
“Between the new and existing-home figures, we have seen a little bit of a pulse showing up in a patient that was thought to be terminal,” said Mike Larson, a housing analyst at Weiss Research.
Of course, most of what happens in housing is going to be directly tied to employment/layoffs caused by the economy. All of us are simply waiting to see how that plays out.
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