The Commerce Department reported today that construction of single-family homes, the most important segment of the housing market, fell. It dropped 0.9 percent to an annual rate of 531,000 units, after a strong 5.7 percent gain in February.
On the positive side, permits for single-family construction, a barometer for future activity, were up. That raised some hopes that the recovery of the housing market will stay on track and help sustain the broader economic rebound.
The weakness in single-family construction was offset by an 18.8 percent surge in the smaller multifamily sector, which rose to a seasonally adjusted annual rate of 95,000 units. Analysts do not expect this strength to continue given a multitude of problems facing commercial real estate at the moment. That includes high apartment vacancy rates and rising foreclosures of commercial properties.
Well the good thing is that the market is always up and down. It’s just a matter of when they go up or down. Personally I think it’s time to go move people into homes. They want to be comfortable and be able to have money while paying for their home. But sometimes, you just need to a place to stay in order to live.
California Short Sale