Market Update: Housing Start rise in July

Today’s housing starts report showed a 0.2 percent increase in new home construction nationally, rising to an anualized rate of 1.21 million – the highest in almost eight years. Starts in single family housing also increased 12.8 percent in July. Quicken Loans Vice President Bill Banfield offers the following comments on the report:

“This boost in construction is exactly the shot in the arm housing needs, especially the double digit jump in single family construction. The housing market needs this growth in new homes, particularly for move-up buyers which will increase availability of existing homes for first time home buyers.”

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