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U.S. housing starts jump 15%, hit 17-month high
Marketwatch ^ | 10.19.11 | Steve Goldstein

Posted on 10/19/2011 6:11:19 AM PDT by Free Vulcan

Housing starts surged 15% in September to the highest level in 1 1/2 years, according to government data...

...The Commerce Department said starts rose to a seasonally adjusted annual rate of 658,000, which also is 10.2% above the September 2010 reading and the best level since April 2010 — the month the homebuyer tax credit expired. The figures were well ahead of the 590,000 forecast in a MarketWatch-compiled economist poll.

The rise was led by a 53% surge in starts of buildings with five or more units to 227,000, the best reading in three years; single-family starts rose a more modest 1.7% to 425,000...

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


TOPICS: Business/Economy; Culture/Society; Front Page News; News/Current Events
KEYWORDS: homes; housing; singlefamily; starts
Sounds great till you realize it's all apartments, which is really troubling considering the high level of cheap housing stock out there, yet no one seems to be able to get a mortgage.
1 posted on 10/19/2011 6:11:23 AM PDT by Free Vulcan
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To: Free Vulcan

Anyone with good credit and a down payment can get a mortgage. Try again. If you built five homes last month, and you built ten homes this month how much would be the increase.


2 posted on 10/19/2011 6:15:34 AM PDT by org.whodat (Just another heartless American, hated by Perry and his fellow demorats.)
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To: Free Vulcan

We add 2 million more immigrants to our population each and every year. That is a LOT!! of people. They all gotta live somewhere.


3 posted on 10/19/2011 6:17:37 AM PDT by CGalen
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To: org.whodat

Unfortunately right now the pool of those with good credit and a down payment plus able to sell their previous home as getting smaller and smaller, thanks to our illustrious Dear Reader.


4 posted on 10/19/2011 6:21:12 AM PDT by Free Vulcan (Vote Republican! You can vote Democrat when you're dead.)
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To: Free Vulcan
They give NO breakdown of activity by region. They hide the fact that CA, NV, FL new home construction is virtually nonexistent. Where are the new homes and the qualified purchasers located?
5 posted on 10/19/2011 6:24:48 AM PDT by Tonytitan
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To: org.whodat
Anyone with good credit and a down payment can get a mortgage

Yessiree, it's just as simple as that. Everything is just great out there.

6 posted on 10/19/2011 6:25:15 AM PDT by Right Brother
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To: Tonytitan

Here’s the direct report with regional breakdowns:

http://www.census.gov/const/newresconst.pdf


7 posted on 10/19/2011 6:28:57 AM PDT by Free Vulcan (Vote Republican! You can vote Democrat when you're dead.)
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To: Free Vulcan

Do the recent moves to rent govt-financed foreclosures, making the zer0 regime and Big gov now a Big landlord have something to do with this?


8 posted on 10/19/2011 6:34:59 AM PDT by C210N (zer0 - a Marxonist spreading the flames of obamunism wherever he goes.)
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To: Free Vulcan

That’s actually bad news for home prices. The last thing the housing market needs is a larger inventory.


9 posted on 10/19/2011 6:39:51 AM PDT by winner3000 (ss)
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To: winner3000
Exactly! The Gov't keeps propping up the industry and prices need to drop.

I am sure many of those buying those new homes are buying them with cheap credit, balloon financing and they are overpriced.

10 posted on 10/19/2011 6:43:42 AM PDT by fortheDeclaration (When the wicked beareth rule, the people mourn (Pr.29:2))
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To: Free Vulcan

Don’t forget, this news came from the obama Commerce Department.

Bet they have some really rosy news througout next year.


11 posted on 10/19/2011 6:45:17 AM PDT by Texas resident (Hunkered Down)
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To: Right Brother
It is as simple as that, I can buy a house anywhere anytime.
12 posted on 10/19/2011 6:53:27 AM PDT by org.whodat (Just another heartless American, hated by Perry and his fellow demorats.)
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To: Free Vulcan

I invested in housing construction in Nevada 6-7 years ago. Lost every penny. Same with natural gas drilling in the Gulf. I wish I’d never heard of the stock market. I wish I’d bought bank CDs with my hard-earned savings; even at 1% interest I’d be way ahead of where I am now. I’m teaching my niece and nephews to stay out of the stock market—government interference in the market makes it too risky.


13 posted on 10/19/2011 6:54:55 AM PDT by American Quilter (Herman Cain for President: a conservative with 40 years of executive experience.)
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To: Free Vulcan

I think there’s plenty of demand for rentals. We’re being Euro-ized.


14 posted on 10/19/2011 6:57:34 AM PDT by nascarnation (DEFEAT BARAQ 2012 DEPORT BARAQ 2013)
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To: winner3000

You can bet on the fact they are custom builds, no bank I know would make a loan on a speck home, except for the area around DC. And the government employee retirement communities.< /p>


15 posted on 10/19/2011 6:58:39 AM PDT by org.whodat (Just another heartless American, hated by Perry and his fellow demorats.)
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To: Free Vulcan

In my neighborhood, a community by D.R. Horton that’s about 5 years old, they’re suddenly building on the dozen or so empty lots in the 150+ development. Don’t know if they suddenly have buyers, but there was no building going on for the last couple of years, so it’s just odd.

Mrs. Prince of Space


16 posted on 10/19/2011 6:58:51 AM PDT by Prince of Space
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To: Tonytitan

They give NO breakdown of activity by region. They hide the fact that CA, NV, FL new home construction is virtually nonexistent. Where are the new homes and the qualified purchasers located?

Texas


17 posted on 10/19/2011 7:13:26 AM PDT by SPRINK
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To: org.whodat
It is as simple as that, I can buy a house anywhere anytime.

My apologies. I guess I just wasn't aware that the state of the U.S. economy was directly linked to your personal economic status. Thanks for clearing that up.

18 posted on 10/19/2011 7:21:29 AM PDT by Right Brother
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To: Free Vulcan

Unexpectedly!


19 posted on 10/19/2011 7:24:15 AM PDT by babble-on
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To: Free Vulcan

Maybe they are building ghost cities, like the Chinese are.


20 posted on 10/19/2011 7:26:56 AM PDT by dfwgator
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To: Right Brother
As I said, anyone one with good credit and a down payment can buy a home, that is the same as it has always been. But unless it was a home that I had always wanted, I would hold off buying for at least 24 months, we may be close to a long bottom by then, homes sales will have pimple like growth bumps for the next twenty years. Why build new homes 25+++ baby boomers are planning on leaving.
21 posted on 10/19/2011 7:31:30 AM PDT by org.whodat (Just another heartless American, hated by Perry and his fellow demorats.)
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To: Free Vulcan

Seems like the economic news lately has been strong enough to suggest we are not going into a double dip recession. At least for the last few weeks, the economic reports seem to be routinely better than expected much of the time.

I have a hunch the unemployment rate is going to start dropping as well. As people begin exhausting their 99 weeks of benefits, they will finally be forced to get jobs - and that is going to lower the rate. Gallup is showing unemployment dropping off fairly significantly, so my guess is we get under 9% when the October numbers come out - maybe as low as 8.8% or so.


22 posted on 10/19/2011 7:56:25 AM PDT by Longbow1969
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To: Jet Jaguar; NorwegianViking; ExTexasRedhead; HollyB; FromLori; EricTheRed_VocalMinority; ...

The list, ping

Let me know if you would like to be on or off the ping list

http://www.nachumlist.com/


23 posted on 10/19/2011 8:35:39 AM PDT by Nachum (The complete Obama list at www.nachumlist.com)
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To: Tonytitan

Exactly! What has changed economically to account for this demand? Nothing. Absolutely nothing. Fact is, things are getting worse not better.

This is just another phoney baloney government number that will be “surprisingly” and unexpectedly” revised or otherwise disproved by next week.


24 posted on 10/19/2011 9:07:25 AM PDT by dools0007world
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