Residential construction rose in June 2012
Posted on Thursday, August 2, 2012 at 6:41:37 PM
According to new figures from the U.S. Census Bureau of the Department of Commerce, new construction spending during June 2012 was estimated at a seasonally-adjusted annual rate of $842.1 billion. This is .4 percent above the revised May estimate of $838.3 billion.
Not only has the month-over-month comparison increased in June 2012, it is also an improvement from the same time last year. Construction spending increased 7 percent from the estimate of $786.8 billion in June 2011.
As construction rates increase, potential homebuyers will see more new properties on the market. Those interested in exchanging an older home for a brand-new house may want to consider using residential financing options to make the purchase. Average mortgage interest rates are down, and affordable loan solutions such as Home Loan Investment Bank’s Purchase Loan are available.
The housing market has seen significant improvement in the past six months, and real estate experts are predicting the trend to continue for the foreseeable future. Already, construction spending for the first six months of 2012 has surpassed rates seen during the same time last year.