| WASHINGTON -- Privately-owned housing starts in June were at a seasonally adjusted annual rate of 582,000, 3.6 percent above the revised May estimate of 562,000, according to the latest data from the U.S. Census Bureau. Single-family housing starts in June were at a rate of 470,000, a 14.4 percent increase above the revised May figure of 411,000, the agency reported.
"Today's report was in keeping with our forecasts for some glimmers of improvement on the single-family side in the second quarter, and also with the results of our latest builder surveys," said NAHB Chief Economist David Crowe. "Many remain very cautious, however, in the face of the severe tightening of credit for acquisition, development and construction financing and increased instances of low appraisals tied to improper use of distressed properties as comps, both of which threaten to derail a housing and economic recovery going forward."
Regionally, housing starts were mixed, with the Northeast and Midwest posting big gains of 28.6 percent and 33.3 percent, respectively, and the South and West posting declines of 1.4 percent and 14.8 percent, respectively. However, the declines in both the South and West were entirely driven by dips in multifamily production.
Permit issuance was up across the board in June, with the Northeast posting a 5.4 percent gain, the Midwest a 3.4 percent gain, the South a nearly 14 percent gain and the West a nearly 2 percent gain. |
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