Housing Eases, Though Still Above the Norm
Mortgage News from Quicken Loans
This morning the U.S. Census Bureau and the Department of Housing and Urban Development announced that for the month of July, privately-owned housing starts decreased 2.5 percent from June levels, to a seasonally adjusted annual rate of 1.795 million. This is 13.3 percent below the July 2005 rate of 2.07 million.
"Housing is still performing on a level that far exceeds the norm for the industry, albeit at a rate that has backed off somewhat from the two million plus pace of recent years," says Quicken Loans chief economist Bob Walters. "The market continues to add more than a million new households each year and the interest rate environment, with long-term rates still near 20-year lows, remains conducive to home buying."
This article is reprinted by permission from Quicken Loans © 2006 Quicken Loans Inc. All rights reserved.
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