In December, the Census Bureau reports that 954,000 new homes were built an increase of 12% from November’s new homes that were built. If you look at last year’s rates in December that is nearly a 37% increase.
The news had many people in shock, including the economist who projected 889,000 new homes to be built. The application for new building permits also were on the rise from last year’s rate by a whopping 28.8%.
With mortgage rates the lowest they have been in years, the supply for new homes is in high demand. The best time to get a mortgage is now. The fastest growing area for new home construction is in the South and West.
Since the housing market is looking up this is an indication that the economy will do the same. There will be new jobs for construction and others in the new home building field. This news hopefully will cause a chain
reaction with our economy and improve our current state of affairs.
With programs such as North Carolina’s New Home Advantage homeownership will be on the rise for the year 2013.