New-Home Construction Hits Fastest Pace in 5 Years

 

 

 

 

 

 

 

I get no respect. The way my luck is running, if I was a politician I would be honest.
Rodney Dangerfield

 

 

DAILY REAL ESTATE NEWS | THURSDAY, DECEMBER 19, 2013

Homebuilders are ramping up new-home construction at the fastest pace in more than five years, the Commerce Department reported Wednesday.

Construction of single-family homes and apartments in November rose to a seasonally adjusted annual rate of 1.09 million, a 23 percent increase over October’s pace. It marks the fastest pace since February 2008.

Broken out, housing starts on single-family homes surged nearly 21 percent in November, the fastest rate since December 2007. Apartment construction jumped 26 percent.

“Single-family and multifamily starts are at five-year highs, providing additional evidence that the recovery is here to stay,” says David Crowe, chief economist for the National Association of Home Builders. “We hit a soft spot this fall when interest rates jumped and the government closed down, but mortgage rates still remain very affordable and pent-up demand is helping to boost the housing market. We expect a continued steady, gradual growth in starts and home sales in 2014.”

Meanwhile, overall permits  — a gauge for future building activity — dropped 3 percent in November, mostly attributed to the volatility in apartment construction, the Commerce Department reports. Permits for single-family homes rose 2.1 percent.

Regionally, home construction increased the most in the Midwest and South, rising 41.7 percent and 38.5 percent, respectively, in November. Home construction also ticked up by 8.8 percent in the West, but declined by 29.4 percent in the Northeast.

Housing inventories remain tight, with inventories of homes under construction hovering at a four-and-a-half-year low.

Source: “New Home Construction Hits Highest Pace in 5 Years,” The Associated Press (Dec. 18, 2013) and the National Association of Home Builders

Read more: 

Home Builders End the Year More Upbeat

 

 

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Walter Unger CCIM, CCSS, CCLS

I am a successful Commercial Investment Real Estate Broker in Arizona now for 20 years and I worked with banks and their commercial REO properties for 3 years. I am also a commercial landspecialist in Phoenix and a Landspecialist in Arizona.

 

WHETHER YOU LEASE OR OWN

NOW IS THE TIME FOR YOU TO EXPAND, UPGRADE OR INVEST.

 

we are at on the a rise of the cycle in Commercial Real Estate.  so there is only one way and it’s called we are going up and now is the time for you to expand, upgrade or invest in Commercial Properties in Phoenix.  The prices on deals I may get you will not be around forever.

 

WAITING TO SELL YOUR LAND ? TIMES CHANGE / IT’S TIME

  We barely could give land away the last few years, but times are changing.  Even in those meager years, I sold more land across the state than most other brokers. Before the real estate crash I was a land specialist in Arizona with millions of dollars of transactions, but then I had to change and also sell other commercial investment properties, which was fun, but I am a Commercial Landspecialist in Arizonal, a Commercial Land Specialist in Phoenix and love to sell land, one acre to thousands of acres.

 

If you have any questions about Commercial Investment Properties in Phoenix or Commercial Investment Properties in Arizona,  I will gladly sit down with you and share my expertise and my professional opinion in Commercial Properties in Phoenix or Commercial Properties in Arizona with you.Obviously I am also in this to make money, but it could be a win-win situation for all of us. 

 

Please reply by e-mail walterunger@ccim.net or call me 520-975-5207 (cell)  602-778-5110 (office direct).

 

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Thank You

Walter

Walter Unger CCIM

Associate Broker,  West USA Commercial Real Estate Advisers

7077 E. Marilyn Road, Bldg 4, Suite 130

Scottsdale, AZ 85254

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