In a report released today, the U.S. Census Bureau and the Department of Urban Development annouced that building permits, housing starts and housing completions are substantially higher in May 2012 than they were in May 2011.
Privately-owned housing units authorized by building permits in May 2012 were 25 percent higher than May 2011. May 2012 permits totaled 780,000, which is 7.9 percent higher than April, and significantly larger than May 2011 estimates of 624,000.
Privately owned housing starts in May were at 708,000, down slightly from April but 28.5 percent higher than the May 2011 rate of 551,000.
Housing completions in May were at a seasonally adjusted rate of 598,000 which is a 10.1 percent increase over the May 2011 rate of 543,000.
What does this all mean? Well, housing statistics matter to the U.S economy. While discouraging news persists in Europe regarding Spain and Greece, increases in housing starts suggests the housing market, a key to our nation’s economic growth, is slowly recovering. Housing permits are up almost 50 percent from the early-2009 low. News of the jump in housing starts helped U.S. stocks open higher on better news of the housing front.
Are you a renter waiting for the opportune time to buy? If the housing market has begun a period of recovery, now may be the best time to take advantage of affordable home prices and historically low interest rates. Contact a licensed mortgage professional to discuss your home financing needs and get approved today!
Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.
Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.