FEATURED ARTICLE - SEPTEMBER 22, 2010

Housing Market Shows Glimmer of Hope

No doubt the housing market is still in turmoil, but signs today signal that it could be stabilizing.

Housing starts in August unexpectedly rose to their highest level in four months, the U.S. Commerce Department announced today. The 10.5% increase, reflecting a seasonally adjusted annual rate of 598,000 units, is the biggest rise in housing starts since last November. What's more, permits for residential construction also rose. Following a 4.1% drop in July, new building permits rebounded 1.8% to a 569,000-unit pace in August.

The housing market is still far from recovery and and foreclosures stemming from the fallout of the financial crisis will surely keep happening, but the August figures are telling. This is especially so since the August figures follows the April expiration of a federal tax credit for homebuyers that basically propped up demand. (And it's worth noting that though some homeowners may be in technical foreclosure, banks are having a difficult time repossessing properties and kicking people out, due to the laxity with which they wrote boom-era mortgages. That too could be limiting the number of existing homes on the market...Read More

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