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Single Family Housing Starts, Permits Decline in January
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Single Family Housing Starts, Permits Decline in January
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
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Single Family Housing Starts, Permits Decline in January
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February 17, 2011 (Jeff Alan)
mortgage-housing-image
The latest Commerce Department figures show that January was a weak month for the new home market as both construction starts and building permits declined for single family homes. The silver lining in the report was that construction starts on multifamily buildings of five units or more skyrocketed almost 80 percent above December 2010 levels.

New building permits for single-family homes were down 4.8 percent from December, while construction starts were down 1.0 percent. The seasonally adjusted annual rate of 417,000 construction starts for single family homes was the lowest reported since spring 2009, at the height of the economic downturn. Compared to January 2010 levels, single family construction starts and permits are down nearly 20 percent.

On the other hand, construction starts for multifamily buildings, including apartments and condominiums, rose to an annual rate of 171,000 units. However, building permits were down 22.4 percent for the month, which suggests a decline in future activity.

Analysts had expected a drop in building permits as the number of permits issued in December 2010 surged as builders rushed to apply for approvals before new building codes came into effect.

Combined, builders began work on homes at a seasonally adjusted rate of 596,000 units, up almost 15 percent from December 2010, but far below the 2 million plus units during the height of the housing boom in 2005 and 2006.

The increase was far above expectations and entirely due to an increase in the volatile multifamily category, analysts said. Construction started on multifamily buildings was at the highest level in two years.

The increase in multifamily construction could be an early indication that builders are anticipating a rise in demand for rental properties due to the lingering housing crisis as tight lending standards and foreclosures are pushing more families towards renting. Builders of single family homes are facing depressed prices as a flood of foreclosures hit the market.

“The stand-alone home weakness is not a surprise given the massive excesses of the last decade, coupled with tight credit standards and the overhang of foreclosures,” independent economist Joel Naroff said in a note. “What is nice to see is that developers seem to be picking up the slack by putting up rental and condo units instead, a trend that is likely to continue.”

Tags: housing starts, single family homes, multifamily buildings, building permits, apartments, condominiums, foreclosures

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February 17, 2011 (Jeff Alan)
mortgage-housing-image
The latest Commerce Department figures show that January was a weak month for the new home market as both construction starts and building permits declined for single family homes. The silver lining in the report was that construction starts on multifamily buildings of five units or more skyrocketed almost 80 percent above December 2010 levels.

New building permits for single-family homes were down 4.8 percent from December, while construction starts were down 1.0 percent. The seasonally adjusted annual rate of 417,000 construction starts for single family homes was the lowest reported since spring 2009, at the height of the economic downturn. Compared to January 2010 levels, single family construction starts and permits are down nearly 20 percent.

On the other hand, construction starts for multifamily buildings, including apartments and condominiums, rose to an annual rate of 171,000 units. However, building permits were down 22.4 percent for the month, which suggests a decline in future activity.

Analysts had expected a drop in building permits as the number of permits issued in December 2010 surged as builders rushed to apply for approvals before new building codes came into effect.

Combined, builders began work on homes at a seasonally adjusted rate of 596,000 units, up almost 15 percent from December 2010, but far below the 2 million plus units during the height of the housing boom in 2005 and 2006.

The increase was far above expectations and entirely due to an increase in the volatile multifamily category, analysts said. Construction started on multifamily buildings was at the highest level in two years.

The increase in multifamily construction could be an early indication that builders are anticipating a rise in demand for rental properties due to the lingering housing crisis as tight lending standards and foreclosures are pushing more families towards renting. Builders of single family homes are facing depressed prices as a flood of foreclosures hit the market.

“The stand-alone home weakness is not a surprise given the massive excesses of the last decade, coupled with tight credit standards and the overhang of foreclosures,” independent economist Joel Naroff said in a note. “What is nice to see is that developers seem to be picking up the slack by putting up rental and condo units instead, a trend that is likely to continue.”

Tags: housing starts, single family homes, multifamily buildings, building permits, apartments, condominiums, foreclosures

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

February 17, 2011 (Jeff Alan)
mortgage-housing-image
The latest Commerce Department figures show that January was a weak month for the new home market as both construction starts and building permits declined for single family homes. The silver lining in the report was that construction starts on multifamily buildings of five units or more skyrocketed almost 80 percent above December 2010 levels.

New building permits for single-family homes were down 4.8 percent from December, while construction starts were down 1.0 percent. The seasonally adjusted annual rate of 417,000 construction starts for single family homes was the lowest reported since spring 2009, at the height of the economic downturn. Compared to January 2010 levels, single family construction starts and permits are down nearly 20 percent.

On the other hand, construction starts for multifamily buildings, including apartments and condominiums, rose to an annual rate of 171,000 units. However, building permits were down 22.4 percent for the month, which suggests a decline in future activity.

Analysts had expected a drop in building permits as the number of permits issued in December 2010 surged as builders rushed to apply for approvals before new building codes came into effect.

Combined, builders began work on homes at a seasonally adjusted rate of 596,000 units, up almost 15 percent from December 2010, but far below the 2 million plus units during the height of the housing boom in 2005 and 2006.

The increase was far above expectations and entirely due to an increase in the volatile multifamily category, analysts said. Construction started on multifamily buildings was at the highest level in two years.

The increase in multifamily construction could be an early indication that builders are anticipating a rise in demand for rental properties due to the lingering housing crisis as tight lending standards and foreclosures are pushing more families towards renting. Builders of single family homes are facing depressed prices as a flood of foreclosures hit the market.

“The stand-alone home weakness is not a surprise given the massive excesses of the last decade, coupled with tight credit standards and the overhang of foreclosures,” independent economist Joel Naroff said in a note. “What is nice to see is that developers seem to be picking up the slack by putting up rental and condo units instead, a trend that is likely to continue.”

Tags: housing starts, single family homes, multifamily buildings, building permits, apartments, condominiums, foreclosures

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.