Fewer New Homes Built

economy, Portland Home Values
National Housing Update July marked a slowing of construction of new homes; dropping from already low levels. The Commerce Dept. stated on Tuesday that housing starts were down by 1.5% to an annual volume of only 604,000 units (seasonally adjusted). It should be noted that this was in line with Commerce Dept. estimates. The current rate of 604,000 annual units is roughly fifty percent of what economists claim is necessary to maintain a healthy housing market. Housing Recovery Not Picking Up "There is still no sign yet of a pickup in housing," says Patrick Newport (economist at IHS Global Insight as quoted on MSNBC News). With weak employment cited as a major contributing factor for housing lackluster performance. Distressed properties like short sales and Foreclosures are lowering demand for new…
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