Info That Hits Us Where We Live – Home Building Market Stats Decline Nationally

QUOTE OF THE WEEK… “If you fell down yesterday, stand up today.” –H.G. Wells, British author

INFO THAT HITS US WHERE WE LIVE… There was a bit of falling down in the home building market last week, as June Housing Starts and Building Permits registered disappointing declines. Housing Starts dropped 9.9% to an 836,000 unit annual rate, versus the 958,000 predicted. New Building Permits sank 7.5%, to a 911,000 annual rate, well short of the 1 million pace forecast. But the dip in starts was mostly due to multifamily units, as single-family starts edged down a miniscule 0.8% for the month, and are still up 11.5% versus a year ago. Permits for single-family homes are up 24.6% over a year ago.

We also need to note that home building is weather dependent. June was exceptionally wet, with 18 states in the South and East experiencing rain totals for the month that were among their 10 highest on record. Wet ground makes it hard to move dirt and lay foundations, driving down the number of starts. Finally, John Paulson, whose Paulson & Co. hedge fund made a pile betting against subprime mortgages, now says that as an investment, you can’t beat buying a house. Check out his complete explanation here:

BUSINESS TIP OF THE WEEK… Start the day focused on you. Beginning with your emails lets others direct what you’ll achieve. For the first hour, avoid emails and key on what you need to accomplish today.

Kristen Zorda Kristen Zorda
Loan Officer
648 Plank Rd. Suite 203
Clifton Park NY 12065
Office: 518-366-7999

OrsonHeadshotsmall Orson B.Klender,  Associate Broker

Keller Williams Realty Saratoga Springs
38 High Rock Ave, Saratoga Springs, NY 12866

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Cell: 1 (518) 588-2319 ~ Fax: 1(866) 588-6066


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