Home Building Surges
The home builders started a bunch more homes in April. "Construction of new U.S. houses rose 11% in April to a seasonally adjusted 2.04 million annualized units. This follows a 17.6% drop in starts in March to 1.84 million units, which economists attributed to cold and wet weather."
The Census Bureau report reveals much more in the pipeline. In Table 2, under 'New Privately-Owned Housing Units Authorized, but Not Started, at End of Period', there are 40,000 more units under this catagory in April 2005, compared to the 183,000 in April 2004. That is up 22%.
3 Comments:
Does anyone know what percentage of these homes are pre-sold vs. speculative?
Chip
Deb -- good suggestion. Any idea how to follow cancellations? Also, are not builders tightening up their selling criteria, to reduce the amount of speculation in their developments? I thought I read very recently that some or many are doing so, presumably in anticipation of the bubble-pop. It would seem decidedly in their interest to do so.
Chip
12:21 Goleta
Do you know, roughly/on-average, what percent of preforeclosures claw their way back off the list? In other words, what percentage of those actually get sold at, presumably, low-ish prices? Thanks.
Chip
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