March’s New Residential Construction report showed a 22.3% decrease in privately-owned housing starts, to an annual rate of 1,216,000 units.
Bill Banfield, Quicken Loans Executive Vice President of Capital Markets, offers the following insight on the report:
“We are now seeing the true effects of the Coronavirus on the housing industry. Despite the fact that construction can continue during shelter-in-place orders, home buying demand has plummeted and builders are seeing materially lower foot traffic. When the country reopens, the lingering effects of massive job losses could weigh on housing for an extended period of time.”
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