Housing Starts: Growing Demand Trumps Higher Mortgage Rates

In November housing starts rose 22.7 percent to a seasonally-adjusted annual rate (SAAR) of 1.09 million, according to data from the U. S. Department of Commerce, the highest rate since Feb. 2008. Additionally, Bloomberg.com informs MHProNews permits for new housing hit close to a five-year high, indicating construction will continue into next year. “The economy seems to be picking up and there’s quite a lot of pent-up demand,” said David Sloan, a senior economist at 4Cast Inc. in New York. “Even if the Fed does start to taper, I think the housing market will prove resilient.”

(Photo credit: wiscnews.com–new manufactured home)

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