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For several months we've seen emerging evidence of the long-awaited upturn in residential construction, and now with today's April figures and upward revisions to prior months, it looks pretty official: the housing market has bottomed and is now posting impressive gains—up 30% in the past year, and up 50% from the 2009 low—that should be the norm for the next several years. If a recovery in the residential construction market was the one key piece missing from the US recovery, it is now in place. I find it hard to believe that today's troubles in tiny Greece are going to derail the giant US economy.
8 comments:
No recession has started unless housing starts or building permits were negative percentage wise year
over year...
Told ya
Damn I'm good. :-)
Signs of life....The Fed has pulled leeches off of the anemia patient, but still no blood transfusion.
Scott, us longtime readers of your blog are used to a bit more comment about Argentina when you travel there ... you did indeed provide some interesting observations but I just wondered if you had any more thoughts or reflections based on this latest trip ?
Many thanks !
I'm indeed overdue for a wrap-up post on Argentina.
It would be interesting to look at the regional patterns of housing starts. Recovery should begin in areas that were not overbuilt and that are enjoying a strong recovery. The unemployed are probably concentrated in states like California, Nevada, Arizona, and Florida - places where the housing boom was the driving force behind the local economy. How long will it be before construction recovers in Las Vegas?
I agree that Greece is a problem for the Greeks and the fools that bought their bonds. No one has come up with a credible scenario where what happens in Greece affects the US to the extent that the US economy ceases to grow at a snail's pace.
Unknown, congratulations. You are good. Now, if only someone knew who you are, you'd be famous!
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