Hammers start swinging again

From Bloomberg:

Housing Starts in U.S. Surge to Second-Highest Level Since 2007

New-home construction in the U.S. climbed in June to the second-highest level since November 2007 as builders stepped up work on apartment projects.

Housing starts rose 9.8 percent to a 1.17 million annualized rate from a revised 1.07 million in May that was stronger than previously estimated, figures from the Commerce Department showed Friday in Washington. The median estimate of economists surveyed by Bloomberg was a 1.11 million rate. Ground-breaking on multifamily dwellings jumped 29.4 percent.

Building permits for single and multifamily properties, a gauge of future construction, climbed to an almost eight-year high, the report showed. Steady job gains, low mortgage rates and a gradual easing of lending standards are propelling sales, indicating housing will become a bigger source of strength for the economy.

“They’re pretty positive numbers,” said Lewis Alexander, chief economist at Nomura Securities International Inc. in New York. “You’ve got decent employment growth that’s been particularly good for young people, you’ve got relatively low interest rates, somewhat easing of credit standard — all of those things are helping.”

Estimates for housing starts in the Bloomberg survey of 76 economists ranged from 1.03 million to 1.23 million. The May figure was revised up from 1.04 million.

The gain in starts of multifamily homes followed a 16.9 percent decrease the previous month and a 37.5 percent April surge. Data on these projects, which have led housing starts in recent years, can be volatile.

Applications to begin work on single-family projects rose to 687,000 in June, the most since January 2008. Permits for construction of apartments and other multifamily dwellings rose 15.3 percent after a 20 percent jump the previous month.

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26 Responses to Hammers start swinging again

  1. Ben says:

    Was in Belmar the other day. Crazy rip currents. Driving up to the ocean about 6 blocks in, for sale signs all over the place…even more than I saw in summer of 2007.

  2. Libturd at home says:

    First. B1tches.

  3. Libturd at home says:

    I don’t like you no more Ben.

  4. grim says:

    Stu – ev gone, new accord instead. we looked at the mazda 6, liked it, but the last tow truck driver said accord over mazda or the koreans.

  5. Libturd at home says:

    We’ll see about the Mazda reliability. So far, so good and absolutely loving the lane change assist technology and the fantastic bluetooth tech. Not loving the TPMS which appears a bit oversensitive. You can’t go wrong with Honda anything. Their engines are the most reliable in the business regardless of whether it’s a car or a lawnmower or a generator. But of course, you pay for that. Haven’t been in a new Honda in a while. For whatever reason, it seems rental car companies never fleet them. Odd right? It seems almost the only time I’m in other cars besides mine is either taxis or rental cars.

  6. Libturd at home says:

    Oh…the Koreans have gotten more reliable, but they feel so plastic. Even the engines make funny sounds when you are driving them. From what I’ve heard, their engines are now good, but everything else falls apart.

  7. Grim says:

    If Mazda nails the reliability they’ll own the market. The 6 in the top trim is beautiful and the tech compares. It’s as nice as the 3 or small Mercedes. Makes the American sedans look like junk. I think the 5 is the best SUV option on the market, hands down.

  8. Outofstater says:

    Love my Mazda 6. The 4 cylinder feels just as peppy as other 6 cyl I’ve had. Just bought a Honda CRV, the plain, no extra anything model. I like it but wish it had a bigger gas tank. I never thought to ask about that. In real estate news, new SFH construction seems to be booming in metro Atlanta. Kind of seems like 2006 all over again only the prices are higher, as in “the low 500’s” which is nuts for this part of the country.

  9. Grim says:

    Tow truck driver that took the ev said that he hit a new record the day before. Towed a Cadillac, 4 hours off the lot, transmission grenaded.

  10. Comrade Nom Deplume, feeling very old says:

    [9] grim

    Never GM again, never German or American again

  11. Marilyn says:

    #1 why do you think this is happening? I mean I get my area the land of broke hillbillies but why there?

  12. Marilyn says:

    You know IM almost of of this attorney review. This whole process of selling and all the mumbo jumbo they throw at you is like you do this everyday. I mean its so complicated, over the top contract reading and the average person’s head is spinning. Its not like we sell houses like making eggs everyday. The process is too complicated. Its to the point where they want you to measure every drop of oil in your tank 2 days before close. I don’t give a shit about giving away a few gallons of oil. This whole deal is nothing but stress. I hope buying the other end is easier. I got cash so its got to be better than this crap. I mean its like you got all these steps and at anytime they the buyer can just say ohh I changed my mind. Meanwhile you cant do crap and move on until your sure its almost done. I don’t want to buy another home until the last minute so that means having a tons of crap in a truck and 2 cats . How do people do this?

  13. 1987 Condo says:

    Shore sales–know a couple of folks who are selling their shore homes (actually, their parents shore homes-I think we discussed that!) to raise funds for college…

  14. 1987 Condo says:

    Cars- 2001 Sienna Van- No problems
    2006 Acura TL – No problems
    2011 Chevy Cruze – Rebuilt Transmission under warranty, otherwise fine and good enough for kids to take to HS

  15. anon (the good one) says:

    Travel comfortably on every journey with Subaru

  16. Ben says:

    #1 why do you think this is happening? I mean I get my area the land of broke hillbillies but why there?

    People mistakenly bought the places thinking they are “income properties”. They aren’t…unless you want your income to be $10 a month at best. Everyone thinks they want to get into the landlord business because they have this false belief that it is free money. Upkeep and actually collecting rent can is usually more trouble than it is worth.

  17. Grim says:

    Jersey Shore

  18. yome says:

    Trump is stepping on real big toes now

    John McCain: Donald Trump Questions Whether Arizona Senator Should Be Considered a War Hero
    McCain was a prisoner of war for more than five years in Vietnam. “He’s not a war hero,” Trump said at the Family Leadership Summit in Ames, Iowa on Saturday.

    I am not a fan of John McCain because he has done so little for our Veterans and he should know better than anybody what the Veterans need, especially in regards to the VA. He is yet another all talk, no action politician who spends too much time on television and not enough time doing his job and helping the Vets. He is also allowing our military to decrease substantially in size and strength, something which should never be allowed to happen.

  19. Juice Box says:

    Did a tour of Brick and Point Pleasant today. Huge amount of waterfront homes for sale. I guess by doubling the taxes on only waterfront property people want out. A forclosure I looked at three years ago was finally sold taxes are now over 40k, house is still a mess too gather the new owner cannot afford to fix it up.

  20. yome says:

    Property Tax is the largest guaranteed revenue for the Towns. Annual increase is the killer.You need to sell and somebody else needs to take your place. No buyer,you are still stuck with the bill

  21. Marilyn says:

    You want to laugh, go to my facebook page and look at the lovely NW NJ pictures of houses I took!! You will laugh your ass off. Marilyn Carrock. Then look at the homes, and mail boxes and pictures. This is NJ!!

  22. phoenix says:

    Interesting website if you want to know about your town.
    Toyota > Honda. Transmissions on Honda’s seem to fail more often.
    Also the V6 with Variable Valve timing is an oil burner.

  23. Alex Bevan says:


    Re Honda. But you got an eight year no mileage limit on the warranty. I do about 45k per year, I’ll take that.

  24. Juice Box says:

    Honda replaces a transmission with 200,000+ miles on it?

  25. marilyn (21)-

    Shit-for-brains is a universal thing.

  26. Marilyn says:

    25 , yes your right.

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