Spring Rush Pushes Housing Starts Higher
Mortgage News from Quicken Loans
The U.S. Census Bureau and the Department of Housing and Urban Development announced today that the number of privately-owned housing starts increased in April.
According to the report, April housing starts climbed 2.5 percent higher than in March. However, April's numbers represent a 16 percent fall off in housing starts from April 2006.
Quicken Loans Chief Economist, Bob Walters, says that builders are beginning to see some moderate stabilization coming to the housing market.
"Today's increase in housing starts shows that builders are again beginning to bet on the housing market," Walters said. "Spring is historically a strong period for housing starts, and with long-term interest rates remaining at very favorable levels, builders are undoubtedly beginning to feel that the real estate market has started to right itself."
This article is reprinted by permission from Quicken Loans © 2007 Quicken Loans Inc. All rights reserved.
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