November’s New Residential Construction report showed a 12.2% decrease in privately-owned single-family housing starts, to an annual rate of 1,162,000 units.
Bill Banfield, Rocket Mortgage Executive Vice President of Capital Markets, offers the following insight on the report:
“After a hot streak of construction in the latter half of last year, a modest pause should not be viewed as a slowdown in momentum. There is a lot of positive energy in the market – evidenced by intense demand to own a home – that will continue to support housing into 2021.”
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