Data released by the U.S. Census Bureau in conjunction with the Department of Housing and Urban Development indicates that privately-owned housing starts were at a seasonally adjusted annual rate of 896,000 in July that was 6 percent above the upwardly revised June estimate of 846,000 and 21 percent above the July 2012 rate of 741,000.1
Growth in total private housing starts was partly restrained by a slight dip in single-family housing starts. Over the month of July, single-family housing starts fell 2 percent to 591,000 units. Geographically, the month-over-month declines took place in the South (-5 percent) and in the West (-10 percent), while single-family housing starts in the Northeast (+12 percent) and the Midwest (10 percent) rose.
Despite the slight monthly decline in single-family housing starts, the underlying trend remains basically unchanged. On a 3-month moving average basis, single-family housing starts were 597,000, 0.1 percent below its level in June.
The data released also states that many homes sold were financed by the seller. Owner financing seems to continue being a driving force for current home sales statistics.
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This information is intended to be used as a general guide. It is not intended to constitute legal advice and is not a substitute for the advice of an attorney. While every effort has been taken to present the information accurately, this document may not be infallible. No warranty is made that these materials are current, complete, accurate, or suitable for any particular purpose. You should seek advice from your attorney before proceeding with any real estate transaction.
Source(s):
1. Privately Owned Housing Starts Up 21 Percent from Last Year, Sizeable Gains in Multifamily Housing, N.D., N.P., rismedia.com, Date Retrieved 08/20/13.
