Home Construction Down, But Housing Still Good

Mortgage News from Quicken Loans

For June 2006, the U.S. Census Bureau and Department of Housing and Urban Development announced that privately-owned housing starts were at a seasonally adjusted annual rate of 1.850 million units. In comparison to May's estimate of 1.953 million this was a 5.3 percent decline. It also represents an 11.0 percent decrease below the June 2005 rate of 2.078 million.

"Even though housing is facing higher interest rates than in recent years, robust employment figures supported by relatively low long-term interest rates will continue to put people in the market for a home," said Bob Walters, chief economist at Quicken Loans. "By year's end, 2006 will have proven itself to be one of the strongest years on record."

This article is reprinted by permission from Quicken Loans © 2006 Quicken Loans Inc. All rights reserved.

 

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