Housing starts rose 14.6% from May to June

HOUSING STARTS RISE

      Housing starts rose 14.6% from May to June says the Commerce Department.  Apartment construction surged 31.8% last month while construction of single family homes was up 9.4%.  Building permits jumped by 2.5%.  Those numbers were the best showing for the industry since January and single-family home construction saw the biggest monthly increase since June 2009. To put this all in perspective, builders are now 31% ahead of the lowest point in construction starts in April 2009 but down about 73% from the peak in January 2006.

Confidence among home builders rose this month to a still low level of 15 on the National Association of Home Builders/Wells Fargo sentiment index. “The market continues to bounce along the bottom, with conditions in some locations beginning to improve,” NAHB Chief Economist David Crowe said today in a statement.

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