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February housing starts declined a bit, but the larger picture is that the housing recovery remains very much intact. Starts are up 35% over the past 12 months, and up 46% from their recession low. Starts of course still very low from an historical perspective, but they are improving and that is a very good sign that the residential real estate market has hit bottom, thanks to the combination of market-clearing low prices and low interest rates.
6 comments:
Hi Scott. Just wanted to say thanks for your work on this blog. As a financial advisor, it's important for me to find information that is meaningful, based in fact, and minus the hype seen in mainstream press.
Keep up the great work!
Regards, Richard
Thanks!
FWIW, while traveling, I noticed that Blogger now displays very well on mobile devices. I think that is new, and probably related to other changes noted on the desktop. Pretty cool! It seems a new approach to web design is - rather than having different websites for desktop and mobile, you design a unified website that dynamically lays out for the given screen size. Anyway, for those that don't want to miss Scott's posts, it's pretty nice.
Actually, Blogger has offered a mobile display format for awhile, but I was unaware of it. I enabled that option a short time ago. It is indeed quite nice.
Let's be clear.
Housing starts have likely bottomed.
There is no evidence housing prices have bottomed.
Not until we work through the 6M plus houses in some stage of foreclosure will that happen.
I'm surprised that a so kind person pictured with his lovely ... Could banner me for a simple critic. Remember me not to return to your blog!
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