More bad news ping....
The MSM is having a VERY hard time talking the economy into recession.
Construction of single-family homes--which is what most people think of when the phrase "home-building" is used, "continues to weaken." The surge is in apartment construction, perhaps to house the people who have lost, or can't afford, homes.
“Analysts predicted the surprising rebound in April would be temporary”
Let’s see how the left spins it if there is another surprising rebound in May!
The banks are starting to lend again and the housing industry is beginning to rebound. Look for more “suprising” months.
Pray for W and Our Troops
Note that the author, in true journalistic form, immediately called an economist to help him find the ‘bad news’ in this bit of good news! The author also doesn’t properly cite the source: the commerce department and the census department (that released the info)...
“The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for April 2008:
BUILDING PERMITS
Privately-owned housing units authorized by building permits in April were at a seasonally adjusted annual rate of 978,000.
This is 4.9 percent (±1.2%) above the revised March rate of 932,000, but is 34.3 percent (±1.4%) below the revised April 2007 estimate of 1,489,000.
Single-family authorizations in April were at a rate of 646,000; this is 4.0 percent (±1.4%) above the March figure of 621,000.
Authorizations of units in buildings with five units or more were at a rate of 294,000 in April.
HOUSING STARTS
Privately-owned housing starts in April were at a seasonally adjusted annual rate of 1,032,000. This is 8.2 percent (±14.5%)* above the revised March estimate of 954,000, but is 30.6 percent (±6.7%) below the revised April 2007 rate of 1,487,000.
Single-family housing starts in April were at a rate of 692,000; this is 1.7 percent (±11.7%)* below the March figure of 704,000. The April rate for units in buildings with five units or more was 326,000. “
Their Internet site is: http://www.census.gov/newresconst
It’s mostly apartments not houses. Like retail sales are up—at warehouse stores. Like car sales are up—for econobuckets. We are at the mere start of 25 years of pain.
So many of the “glass half full” types on this thread oblivious to the fact it is apartment construction you are seeing — nothing to do with single family detached. I see it has been noted.
Housing? Shouldn’t this read “Apartmenting rebounds in April?”
House building is still down, down, down, as well it should be. They need to clear inventories. Building more houses will just depress house prices that much further. Still it is not terribly accurate to say “housing” or “homes” are up when the fact is it is apartments are being built. All those folks losing their homes to foreclosure are going to need somewhere to rent. That is why you are seeing so many houses for rent today. The owners can’t sell them and those losing their own homes need a new place to stay.
Sell all you own and move to a cave! Its Bad!!!