Subscribe to All American Investor via EmailShowing signs of a bottom. However, not enough to stem the tide of unemployment. Might account for 300,000 new jobs.
Much of this surge is coming from new homes for investors with incomes in the $30,000 to $80,000 income brackets.
Housing starts are still running 46 below June, 2008. Permits are down 52 percent year over year.
HOUSING STARTS
Privately-owned housing starts in June were at a seasonally adjusted annual rate of 582,000. This is 3.6 percent above the revised May estimate of 562,000, but is 46.0 percent (±4.3%) below the June 2008 rate of 1,078,000.
Single-family housing starts in June were at a rate of 470,000; this is 14.4 percent above the revised May figure of 411,000.
The June rate for units in buildings with five units or more was 101,000.
BUILDING PERMITS
Privately-owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 563,000.
This is 8.7 percent is above the revised May rate of 518,000, but is 52.0 percent below the June 2008 estimate of 1,174,000.
Single-family authorizations in June were at a rate of 430,000; this is 5.9 percent above the revised May figure of 406,000.
Authorizations of units in buildings with five units or more were at a rate of 109,000 in June.
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