Wednesday, July 18, 2012

Housing Starts Near Four Year Highs

Posted By on Wed, Jul 18, 2012 at 9:21 AM

The vaguely familiar sound of hammers, drills and buzz saws echoed through much of the nation last month as housing starts showed their best numbers in nearly four years, giving hope to builders, new home buyers and the financial sector, and a general boost to a limping American economy.

The U.S. Commerce Department announced this morning that housing starts rose 6.9 percent last month—the highest rate since October 2008—translating to 760,000 new units.

Additionally, the Mortgage Bankers Association revealed today that U.S. home mortgages climbed last week, following a surge in demand for refinancing as interest rates on 30-year mortgages fell to record lows.

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