New residential construction increased in February 2012
Posted on Friday, March 30, 2012 at 8:36:04 PM
Residential construction authorized by building permits increased in February, according to the latest reports by the U.S. Census Bureau and the Department of Housing and Urban Development. Privately-owned housing units were at a seasonally adjusted annual rate of 717,000, a 5.1 percent increase above the revised rate of 682,000 for January. In addition, this was 34.3 percent above the February 2011 estimate of 534,000.
Single-family housing authorized in February was at a 472,000 rate, a 4.9 percent increase above the revised January figures of 450,000. This is positive news for consumers transitioning from apartment living to homeownership. Residential financing will be easier to obtain for those who can demonstrate their reliability to lenders by having good credit, reliable income and a sizable down payment.
The new properties are entering a recovering market and builders and real estate professionals are expecting to obtain the current fair market value. The power is in the hand of the consumers for the foreseeable future, creating the opportunity to get a good deal.