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Permit Me to Point Something Out

housingNovember 18, 2011 – Included in the the National Association of Home Builders (NAHB) monthly report on new housing starts for October is an interesting statistic: single-family building permits posted a measurable gain of 5.1 percent to 434,000 units, their fastest pace since December of 2010.  “The three-month moving averages for both housing production and permitting activity have been gradually rising since this spring, which is consistent with our forecast for slow improvement in market conditions through the end of this year and a positive sign that a more solid recovery will begin to take hold in 2012,” said NAHB Chief Economist David Crowe. “That said, the improvements we are seeing are still limited to scattered local markets where economies are improving, and obstacles such as tight credit conditions for builders and buyers, appraisal issues stemming from new homes being compared to distressed properties, andconsumer concerns about job security are definitely slowing the progression of both a housing and economic recovery."