Housing starts made a big jump in June, reports the Department of Housing and Urban Development, reflecting increasing consumer interest in residential real estate in a time of record-low interest rates.
The recently-released HUD statistics covered the month of June. Nationwide, starts were up a hefty 14.6% from May. In the Midwest, the numbers were even better, as starts increased by 25.3%.
Brian Wesbury, chief economist for First Trust Bank right here in Illinois, said the month was “the beginning of a recovery in housing” that “will last for many years in the future.”
Even better, national starts beat the consensus expectation of economists by nearly 10%, showing that the momentum behind the activity is building.
“Today’s numbers are an encouraging sign that builders are responding to improving consumer interest in new homes and apartments by gradually replenishing their extremely thin inventories in places where demand is evident,” said NAHB Chairman Bob Nielsen.
Remember, Newport Cove is offering 10-year hybrid ARM loans, with the chance to lock in your first two years at just 2.5%. As consumers return to housing, prices will rise, so now is the time to make sure you get the most bang for your monthly payment buck.