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Home building jumps in June after dismal spring
Apartment and condo construction drove 14.6 pct. surge in home building in June
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In this photo taken July 14, 2011, a SOLD, newly constructed home is shown in
Springfield, Ill. Builders broke ground on more single-family homes and
apartments in June, as the home-building industry tried to shake off a
historically bad spring.(AP Photo/Seth Perlman)
Derek Kravitz, AP Real Estate Writer, On Tuesday July 19, 2011, 9:31 am
WASHINGTON (AP) -- Builders broke ground on more single-family homes and
apartments in June, helping the battered construction industry gain a little
life after a dismal spring.
The Commerce Department said Tuesday that builders began work on a seasonally
adjusted 629,000 homes last month, a 14.6 percent increase from May.
Still, that's roughly half the 1.2 million homes per year that economists say
must be built to sustain a healthy housing market. Jennifer Lee, a senior
economist at BMO Capital Markets, called the gains "just a blip in the overall
flat-lining trend of homebuilding activity."
"We have to see a rebound in job creation to sustain a recovery in housing," she
said.
Much of the increase in June came from a surge in apartment construction, a
volatile part of the industry. That sector jumped 31.8 percent last month.
Single-family home construction rose 9.4 percent. It was the biggest increase
since June 2009, when the recession ended. But analysts said the pace of 453,000
homes per year was still too depressed to signal a turnaround.
"The underlying trend of single-family housing starts shows no signs of
improving in a significant manner anytime soon," said Joshua Shapiro, chief U.S.
economist at MFR Inc.
Building permits, a gauge of future construction, increased 2.5 percent.
Home construction rose in every part of the country. The biggest gains were in
the Northeast and Midwest. In the Northeast, the building pace spiked 35.1
percent and in the Midwest, it rose 25.3 percent. In the South, it rose 10.6
percent and in the West, it increased 5.4 percent.
Though new homes represent just 20 percent of the overall home market, they have
an outsize impact on the economy. Each home built creates an average of three
jobs for a year and generates about $90,000 in taxes, according to the National
Association of Home Builders.
The weak housing industry is also holding back the U.S. economy. In past
modern-day recessions, housing accounted for 15 to 20 percent of overall
economic growth. This time around, between 2009 and 2010, housing contributed
just 4 percent to the gross domestic product.
Cash-strapped builders are struggling to compete with deeply discounted
foreclosures and short sales. A short sale is when lenders allow borrowers to
sell their homes for less than what is owed on the mortgage.
New-home sales fell in May to a seasonally adjusted pace of 319,000 homes per
year. That's far below the 700,000 homes per year that economists consider
healthy.
One reason is that previously occupied homes are a better deal than new homes.
The median price of a new home is more than 30 percent higher than the median
prices for a re-sale. That's more than twice the markup in healthy housing
markets.
Loans are also harder to get. Most private lenders are requiring 20 percent down
payments and higher credit scores for the lowest mortgage rates.
In the past month, President Barack Obama said the housing market has "been most
stubborn to us trying to solve the problem." And last week Federal Reserve
Chairman Ben Bernanke said the troubles facing home construction and sales were
more persistent than previously thought.
The builders' trade group said Monday that its survey of industry sentiment rose
to 15 in June. Any reading below 50 indicates negative sentiment about the
housing market. The index hasn't reached 50 since April 2006, the peak of the
housing boom.
Home building jumps in June after dismal spring
Apartment and condo construction drove 14.6 pct. surge in home building in June
tweet2EmailPrint..
In this photo taken July 14, 2011, a SOLD, newly constructed home is shown in
Springfield, Ill. Builders broke ground on more single-family homes and
apartments in June, as the home-building industry tried to shake off a
historically bad spring.(AP Photo/Seth Perlman)
Derek Kravitz, AP Real Estate Writer, On Tuesday July 19, 2011, 9:31 am
WASHINGTON (AP) -- Builders broke ground on more single-family homes and
apartments in June, helping the battered construction industry gain a little
life after a dismal spring.
The Commerce Department said Tuesday that builders began work on a seasonally
adjusted 629,000 homes last month, a 14.6 percent increase from May.
Still, that's roughly half the 1.2 million homes per year that economists say
must be built to sustain a healthy housing market. Jennifer Lee, a senior
economist at BMO Capital Markets, called the gains "just a blip in the overall
flat-lining trend of homebuilding activity."
"We have to see a rebound in job creation to sustain a recovery in housing," she
said.
Much of the increase in June came from a surge in apartment construction, a
volatile part of the industry. That sector jumped 31.8 percent last month.
Single-family home construction rose 9.4 percent. It was the biggest increase
since June 2009, when the recession ended. But analysts said the pace of 453,000
homes per year was still too depressed to signal a turnaround.
"The underlying trend of single-family housing starts shows no signs of
improving in a significant manner anytime soon," said Joshua Shapiro, chief U.S.
economist at MFR Inc.
Building permits, a gauge of future construction, increased 2.5 percent.
Home construction rose in every part of the country. The biggest gains were in
the Northeast and Midwest. In the Northeast, the building pace spiked 35.1
percent and in the Midwest, it rose 25.3 percent. In the South, it rose 10.6
percent and in the West, it increased 5.4 percent.
Though new homes represent just 20 percent of the overall home market, they have
an outsize impact on the economy. Each home built creates an average of three
jobs for a year and generates about $90,000 in taxes, according to the National
Association of Home Builders.
The weak housing industry is also holding back the U.S. economy. In past
modern-day recessions, housing accounted for 15 to 20 percent of overall
economic growth. This time around, between 2009 and 2010, housing contributed
just 4 percent to the gross domestic product.
Cash-strapped builders are struggling to compete with deeply discounted
foreclosures and short sales. A short sale is when lenders allow borrowers to
sell their homes for less than what is owed on the mortgage.
New-home sales fell in May to a seasonally adjusted pace of 319,000 homes per
year. That's far below the 700,000 homes per year that economists consider
healthy.
One reason is that previously occupied homes are a better deal than new homes.
The median price of a new home is more than 30 percent higher than the median
prices for a re-sale. That's more than twice the markup in healthy housing
markets.
Loans are also harder to get. Most private lenders are requiring 20 percent down
payments and higher credit scores for the lowest mortgage rates.
In the past month, President Barack Obama said the housing market has "been most
stubborn to us trying to solve the problem." And last week Federal Reserve
Chairman Ben Bernanke said the troubles facing home construction and sales were
more persistent than previously thought.
The builders' trade group said Monday that its survey of industry sentiment rose
to 15 in June. Any reading below 50 indicates negative sentiment about the
housing market. The index hasn't reached 50 since April 2006, the peak of the
housing boom.
