Housing starts fall slightly in May
Mortgage News from Quicken Loans
Privately-owned housing starts fell slightly in May, according to a report released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.
The report, which measures initial construction of residential units each month, shows housing starts in May dipped 2.1 percent below April levels to an annual rate of 1.47 million new homes.
Quicken Loans Chief Economist Bob Walters says the environment is right for consumers looking to purchase a home, but home builders are taking a conservative approach to new construction for now.
"Long-term interest rates are conducive to housing, making home ownership a reality for many people," says Walters. "But until the inventory of unsold homes dissipates somewhat, home builder sentiment and therefore the number of housing starts will remain in their current range throughout 2007."
This article is reprinted by permission from Quicken Loans © 2007 Quicken Loans Inc. All rights reserved.
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