Posted To: MND NewsWire

Hidden in the Q3 report on Gross Domestic Product (GDP) on Thursday, which showed a rebound of 33.1 percent from the 31.4 percent loss in Q2 was news of some real growth. Robert Dietz, chief economist of the National Association of Home Builders points out, in an article in NAHB’s Eye on Housing blog, that residential fixed investment (RFI), which includes home building and remodeling, expanded at a 59.3 percent annual rate. Dietz says low interest rates, a renewed focus on the importance of home, an evolving geography of housing demand, and a lack of inventory has spurred a “dramatic turnaround” in the housing sector since spring . This, he adds, has been a relative bright spot for the economy. Housing’s share of the GDP remains elevated. In the second quarter, amid the broader economic weakness…(read more)

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Source: Mortgage News Daily