Home construction rates while still up from last year, slowed down in November. However, the three percent decline in new home construction is small enough that the housing market remains at a stable recovery rate. Economists believe a major contributor to the decline was Hurricane Sandy, the late October storm that devastated the Northeastern part of the U.S. The Northeast home construction rates dropped 5.2 percent from October to November after Sandy.
Builder confidence was also lower in the Northeast compared with other parts of the country, which is measured by the amount of applications for new building permits. In November, the rate of applications filed was down five percent compared with 2011 levels. The rest of the country saw major increases in applications. On average, applications for new permits increased 26.8 percent compared with November 2011 and 3.6 percent compared with the previous month.
In addition to home construction rates, the housing market has shown other signs of recovery, such as lower inventory, lower interest rates and lower foreclosure rates. An improving job market has also helped boost the economy.
To read more on this story visit: http://money.cnn.com/2012/12/19/real_estate/home-building-permits/index.html
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