United States Housing Market Recovers

United States Housing Market Recovers

New house permits and groundbreakings rose in February to pre-recession levels not seen since 2008, in what is a clear sign that the United States housing market is beginning to recover, and is also gathering quite some steam.

This Tuesday a statement from the Commerce Department showed that starts at building sites were up by 0.8 percent in February to a total of 917,000 units per year. A rise somewhat over what most analysts predicted of 915,000 units per year.

Building starts for single family units which represented about two thirds of the total number were up by 0.5 percent to a level that hasn't been seen since 2008.

Also permits for new houses were up to a 946,000 unit rate, the largest since 2008. After some catastrophic figures in the last year’s, home building actually added to the national growth in last year, a first since 2005.

Analysts say that the United States Housing Market will continue to rise, helping the budget as it tries to deal with various cuts in an effort to shrink the federal deficit.

While data about the United States housing market can be quite unreliable, most seem to agree that no matter how many revisions these figures will get, they will continue to show a growing trend.

Posted by James Fried on Wednesday March 20 2013, 3:13 AM EST. Ref: CNBC. Link. All trademarks acknowledged. Filed under Featured News, Finance. Comments and Trackbacks closed. Follow responses: RSS 2.0