Rising Building Permits Bode Well
CNNMoney reports the Census Bureau says building permit applications for new homes rose to an annual rate of 780,000 in May, the highest rate since Sept. 2008, reflecting the National Association of Home Builders (NAHB) survey of builder confidence which hit its highest mark since 2007, as we reported here June 19, 2012. Overall housing starts dropped 4.8 percent compared to April, although they did rise 28.5 percent over the same month a year earlier. Housing market analyst Pat Newport, with IHS Global Insight, says the unusually warm winter advanced the start of the homebuilding season, creating a lull at a time that is usually busy. MHProNews has learned in a sluggish economy lulls are no surprise.
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