Inside Lending Newsletter From Kristen Zorda
QUOTE OF THE WEEK… “It’s not about how good you are, it’s about how good you want to be.” –Nicole Jacek, German award-winning graphic designer
INFO THAT HITS US WHERE WE LIVE… We all want to be the best and help make the housing market the best it can be. Housing took a big step ahead in July as Housing Starts blasted ahead 15.7% to an annual rate just over one million units. Starts are now up 21.7% over a year ago, with strong gains in the past year for both single family starts, up 10.1%, and multi-family, up 44.7%. New Building Permits zoomed up a nice 8.1% in July, also to a just over one million annual rate. Versus a year ago, single-family permits are up almost 4%, multi-family up just over 14%.
Monthly Housing Starts can be volatile, so let’s look at the 12-month moving average. It’s at its highest level since October 2008. Also nice to see, the total number of homes under construction (but not finished) is up 2.9% in July and up 22.8% from a year ago. No wonder the National Association of Home Builders confidence index is up two points in August, to its best read since January. More good news came withExisting Home Sales up 2.4% in July to a solid 5.15 million unit annual rate. Best of all, inventories have been growing for 7 months now and are 5.8% higher than a year ago.
BUSINESS TIP OF THE WEEK… No matter what you’re doing, from running a race to building a business, make it all or nothing. Give everything you’ve got to everything you do.
Orson B.Klender, Associate Broker
38 High Rock Ave, Saratoga Springs, NY 12866
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Cell: 1 (518) 588-2319 ~ Fax: 1(866) 588-6066