Housing Starts Up as Long-term Rates Remain Low
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 June, privately owned housing starts increased 2.3 percent from May's levels, to a seasonally adjusted annual rate of 1.467 million.
Quicken Loans Chief Economist, Bob Walters, says that while builders may be starting to bet on the housing sector, it is far too early to call it a comeback.
"With long-term interest rates remaining at favorable levels, today's report shows that builders are again starting to put their faith in the housing market," said Walters. "However, it is important to keep in mind that the summer months are historically a strong period for housing starts, so it would be unwise to read too much into this report. I would wait for a long run of positive news before deeming this a comeback."
This article is reprinted by permission from Quicken Loans © 2007 Quicken Loans Inc. All rights reserved.
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