DS News

DS News December 2017

DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.

Issue link: http://digital.dsnews.com/i/910243

Contents of this Issue

Navigation

Page 88 of 99

ยป VISIT US ONLINE @ DSNEWS.COM 87 Southern Region Experiences Drop in Housing Permits Housing starts surged in October 2017, according to new data released by e U.S. Census Bureau and HUD in November. e new monthly residential construction activity report revealed the number of privately owned housing starts for October to be at seasonally adjusted annual rate of 1,290,000, up 13.7 percent over the revised September estimate of 1,135,000. at still leaves October 2017 2.9 percent behind the numbers for a year ago (1,328,000 in October 2016). Single-family housing starts also increased, jumping from 833,000 to 877,000 month-over-month, a 5.3 percent increase. In a statement, First American Chief Economist Mark Fleming broke down the numbers: Today's Census Bureau report for October is an indication of strength for the housing market. e number of permits issued, a leading indicator of housing starts, increased by 0.9 percent and housing starts decreased 2.9 percent, respectively, compared to a year ago. In addition to the increase in permit issuance, the stock of housing units authorized to be built increased by 14.3 percent, and the number of housing units under construction also increased by 4.1 percent. e number of completed homes, which is additional new supply added to the housing stock, also increased by 15.5 percent compared to a year ago. e Northeast in particular is seeing a boom in housing starts. ey increased a whopping 42.2 percent in the Northeast, as compared to 18.4 percent in the Midwest and 17.2 percent in the South. Only the West saw a drop in starts for October, falling by 3.7 percent. "By the looks of this month's numbers, the South, which accounts for almost half of the nation's housing starts, could be see- ing a rebound from effects of the hurricanes," Fleming said. e Northeast has also seen a spike in housing permits issued this year, up 8.6 percent and leading the pack ahead of the West (up 4.3 percent). Both the Midwest and the South saw fewer permits issued in 2017 (-5.0 percent and -0.5 percent, respectively). Housing completion numbers also trended positive in October, with privately owned housing completions increasing by 12.6 percent over September and 15.5 percent over the October 2016 numbers. Single-family completions were up 2.6 percent over September. Fleming said, "e fact that the number of completions increased by more than 15 percent compared to a year ago is good news because the additional housing units are needed to help alleviate the inven- tory shortage in the current housing market."

Articles in this issue

Links on this page

Archives of this issue

view archives of DS News - DS News December 2017