New home construction has increased for five months in a row. However, multifamily (apartment) home construction fell by 13.3% last month! The 1% decline in new starts masks a rebound in single family home construction.
Because the $8,000 tax credit is only robbing Peter to pay Paul, I am not a fan, but as an owner of single family real estate properties, I appreciate all the help from Peter I can get. Home sale figures are due that will likely show further evidence of a strong turn in home sales and even a significant turn in home prices. Please note that fence sitters will be motivated to move once they see rising home prices. The trickle of folk moving out of apartments and into single family homes just might become a flood by the time the tax credits expire in November.
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