Posted To: MND NewsWire

It looked last month as though residential construction was about to take off. While starts were down in January, permits surged by 10.4 percent. Builders apparently had second thoughts in February as both measures fell by double digits. The U.S. Census Bureau and Department of Housing and Urban Development said permits for construction of residential units were at a seasonally adjusted rate of 1,682,000. This is 10.8 percent below the revised (from 1,881,000) rate in January of 1,886000. The February rate was still a 17.0 percent improvement on the permitting rate a year earlier. Permits were expected to decline after January’s substantial increase, but analysts polled by Econoday were still looking for a much higher number. Estimates ranged from 1,600,000 to 1,862,000 with a consensus of…(read more)

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Source: Mortgage News Daily