Building Permit Applications Rise

CNNMoney reports U.S. Census Bureau data indicates new home construction fell three percent from Oct. numbers but still was 21.6 percent above year-ago levels. The decline of new home construction to an annual pace of 861,000 units in November may be the result of Hurricane Sandy hitting the Northeast, which saw a drop of 5.2 percent Oct. to Nov. 2012. Similarly, building permits in the Northeast fell five percent in Nov. compared to Nov. 2011, while permits in the Midwest spiked 49.5 percent, hit 29.2 percent in the south and 22.2 percent in the West. As MHProNews has learned, overall new building permits increased 3.6 percent over Oct. 2012 and 26.8 percent over Nov. 2011.

(Photo credit: HousingWire)

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