Housing Starts Decline 1.1 Percent in February

Housing Starts and Building Permits for February 2012
	DATE	CURRENT		LAST	% Change	Download Starts and Permits
Starts	3/20/2012	698Th		706Th	-1.1%
Permits	3/20/2012	717Th		682Th	5.1%

Nationwide housing starts edged down 1.1 percent to a seasonally adjusted annual rate of 698,000 units in February, according to newly released figures from the U.S. Commerce Department. This was the second-best pace of new construction since October of 2008 following an upwardly revised 706,000-unit pace in January.

“Builders are reporting increased buyer interest and are expecting demand for new homes to improve in the coming months, but continue to exercise caution regarding new projects until that interest translates into more signed sales contracts,” noted Barry Rutenberg, chairman of the National Association of Home Builders (NAHB) and a home builder from Gainesville, Fla. “This process is certainly being slowed by today’s overly tight lending conditions, the difficulty of obtaining accurate appraisals on new construction and competition from distressed properties that can make it tough for prospective new-home buyers to sell an existing home.”  Full story

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