July 25, 2012
According to an article in USA Today, housing starts hit their highest level in four years. (We are also seeing a definite turnaround in the city of San Francisco as well as developers start or move forward with new projects in significant numbers -- for the first time since 2008.)
"Construction of homes and apartments rose to a seasonally adjusted annual rate of 760,000 in June, the Commerce Department
said Wednesday. That exceeded analysts' estimates and was the highest level since October 2008. Single-family home starts increased 4.7% to 539,000, highest since March 2010, though activity that year was inflated by a federal tax credit for home buyers....
After hitting all-time lows in the recession, single-family starts began to pick up the second half of last year and kicked into higher gear the past six months. Multifamily construction began to turn up about 18 months ago as Americans who lost their houses to foreclosure, among others, turned to renting."