June’s New Residential Construction report showed an intense 17.3% increase in privately-owned housing starts, to an annual rate of 1,186,000 units.
Bill Banfield, Quicken Loans Executive Vice President of Capital Markets, offers the following insight on the report:
“Builders are clearly reading the market and understand the need for new homes to match overwhelming demand. While other segments of the economy may be stuttering, the housing market continues to be a bastion of hope. Today’s report indicates builders are confident consumers will purchase new homes in this era of rock-bottom mortgage rates, despite the high unemployment numbers and other negative economic reports.”
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