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New Home Construction Edges Up 1.7 Percent in July
Fox News ^ | 8/17/2010

Posted on 08/17/2010 6:29:16 AM PDT by markomalley

WASHINGTON -- New home construction edged up slightly in July but applications for building permits tumbled to the lowest point in 14 months, a sign of continued stress in housing.

Construction of new homes and apartments rose 1.7 percent in July, the Commerce Department reported Tuesday. Still, applications for building permits, considered a good sign of future activity, fell 3.1 percent.

A rebound in housing is considered critical for a sustained economic recovery. But builders continue to struggle with weak demand for new homes caused by high unemployment and a glut of foreclosed homes on the market.

The July increase in housing construction pushed total activity to a seasonally adjusted annual rate of 546,000 units. Building activity in June was weaker than first reported. It fell 8.7 percent to an annual rate of 537,000 units, the slowest pace since October of last year.

Housing construction got a boost earlier in the year when the government offered buyers up to $8,000 in federal tax credits. But after the incentives expired at the end of April, sales and constructions activity slumped.

(Excerpt) Read more at foxnews.com ...


TOPICS: Business/Economy
KEYWORDS:

1 posted on 08/17/2010 6:29:17 AM PDT by markomalley
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To: markomalley
Building activity in June was weaker than first reported.

Of course.

But that 1.7% increase in July -- that's gonna hold steady, right? We're not going to find out a month from now that the increase was actually a bit less than that, are we?

2 posted on 08/17/2010 6:32:17 AM PDT by ClearCase_guy
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To: markomalley

” New Home Construction Edges Up 1.7 Percent in July “

THE RECESSION IS OVER!!!!!!!!!!!!!!!!

/does this really need a ‘sarc’ tag??


3 posted on 08/17/2010 6:32:54 AM PDT by Uncle Ike (Rope is cheap, and there are lots of trees...)
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To: markomalley

Hummm, right now at Hot Air is a post about the latest HUD and census bureau report that states new residential construction went down 3.7% in July.


4 posted on 08/17/2010 6:38:19 AM PDT by circlecity
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To: ClearCase_guy
But that 1.7% increase in July -- that's gonna hold steady, right? We're not going to find out a month from now that the increase was actually a bit less than that, are we?

We'll find out that they were probably off by less than 2%.

5 posted on 08/17/2010 6:39:38 AM PDT by Right Brother
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To: Uncle Ike

Happy Days Are Hear Again!


6 posted on 08/17/2010 6:43:57 AM PDT by Mouton
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To: Uncle Ike

Happy Days Are Here Again!


7 posted on 08/17/2010 6:44:25 AM PDT by Mouton
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To: markomalley

I don’t believe any reports issued by any agency of this corrupt administration.


8 posted on 08/17/2010 6:51:13 AM PDT by Russ (Repeal the 17th amendment)
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To: Russ
I think this is nothing but the spec builders slowly finishing the developments that were already planned. I know that around here that is the housing activity you see. In other words they are just filling in the bare lots with houses that they had planned to build a couple of years ago.
9 posted on 08/17/2010 6:59:14 AM PDT by Wooly
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To: Mouton

Before you pop the cork compare

http://www.nahb.org/generic.aspx?genericContentID=554


10 posted on 08/17/2010 7:03:31 AM PDT by Wooly
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To: circlecity

These figures are all lies... new housing starts are down... this is just another proof of the evil that is the US government today.

LLS


11 posted on 08/17/2010 7:13:42 AM PDT by LibLieSlayer (WOLVERINES!)
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To: Wooly

Don’t need to, my comment was sarcasm.


12 posted on 08/17/2010 7:15:52 AM PDT by Mouton
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To: markomalley

factoring in the “Subprime Mortgates for Immigration Amnesty Recipients” market


13 posted on 08/17/2010 7:16:12 AM PDT by Buckeye McFrog
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To: circlecity

they revised last months numbers down to make these look better


14 posted on 08/17/2010 7:32:01 AM PDT by remaxagnt (`)
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To: remaxagnt

” they revised last months numbers down to make these look better “

And, the DJIA dutifully goes ‘up’, right on cue.... (+43 points, last I checked..)


15 posted on 08/17/2010 7:37:05 AM PDT by Uncle Ike (Rope is cheap, and there are lots of trees...)
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To: markomalley

It’s scary to me that with interest rates in the mid 4% range there’s no bump in housing. That’s under $800/month on a 200,000 loan.


16 posted on 08/17/2010 7:41:56 AM PDT by nascarnation
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To: Wooly

Around our area there are more sightings of bigfoot or the Loch Ness Monster than there are sightings of homes under construction.


17 posted on 08/17/2010 8:04:50 AM PDT by Russ (Repeal the 17th amendment)
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