Encouraging News on the Housing Market Recovery

In yet another encouraging statistic, this one released by the US Census Bureau and HUD – information on the existing improvement in the housing sector!

The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for June 2012:

BUILDING PERMITS

Privately-owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 755,000. This is 3.7 percent (±1.0%) below the revised May rate of 784,000, but is 19.3 percent (±1.8%) above the June 2011 estimate of 633,000. Single-family authorizations in June were at a rate of 493,000; this is 0.6 percent (±0.8%)* above the revised May figure of 490,000. Authorizations of units in buildings with five units or more were at a rate of 241,000 in June.

HOUSING STARTS

Privately-owned housing starts in June were at a seasonally adjusted annual rate of 760,000. This is 6.9 percent (±13.3%)* above the revised May estimate of 711,000 and is 23.6 percent (±16.8%) above the June 2011 rate of 615,000. Single-family housing starts in June were at a rate of 539,000; this is 4.7 percent (±10.1%)* above the revised May figure of 515,000. The June rate for units in buildings with five units or more was 213,000.

HOUSING COMPLETIONS

Privately-owned housing completions in June were at a seasonally adjusted annual rate of 622,000. This is 2.6 percent (±12.5%)* above the revised May estimate of 606,000 and is 7.2 percent (±13.2%)* above the June 2011 rate of 580,000. Single-family housing completions in June were at a rate of 470,000; this is 1.3 percent (±9.8%)* above the revised May rate of 464,000. The June rate for units in buildings with five units or more was 134,000.

About gvenice

I have over 25 years of electrical engineering and business management experience. I previously owned and managed a multi million dollar engineering firm. My work took me all over the globe, managing the construction of manufacturing plants where I built a reputation of providing superior service, getting projects done on time and within or under budget. My dedication to the fine details and logical approach to accomplishing tasks provide a huge benefit to my Real Estate clients. After selling my business and retiring to this area, I found a new passion in the Real Estate business and I bring to this business the same level of professional skill and conduct that has made mr successful in the past. My global exposure and extensive travel are also an asset when dealing with a customer base that is located worldwide. An avid boater, I have a thourough understanding of the waterways of East Tennessee and the intricacies involved in dealing with the TVA and the Army Corps of Engineers.
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