In surprise figures released this week by the Commerce Department, new housing starts rose by 3% - the biggest jump in eight months - as more signs start to reveal themselves that in some markets at least, the bottom has been reached and the slow process of turning has begun.
Analysts believe that housing is likely to remain weak through much of 2008 as builders struggle with historically high levels of unsold homes and rising mortgage defaults, which are dumping even more homes back on glutted markets.
Meanwhile Builder Confidence in the single family home market remained unchanged in November from an upwardly revised October figure, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI). The November HMI held even with October's upwardly revised 19 reading, its lowest point since the series began in January 1985.
Overall mixed news in the new housing sector, but as I've said before on this blog, all real estate is local and you must discover what is going on in your market.
Just last week I posed the question - Has Central Florida reached the bottom?Certainly there is plenty of evidence to suggest it might have.
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(Copyright © 2007 By Simon L Conway All Rights Reserved.)
Please give me a call if you have questions about the Central Florida real estate market. You can reach me on 407 876 8200. Also visit my web site at http://www.simonconway.net/ or http://www.move2orlando.net/
Also remember to check out my weekly radio show - The Home Team - which airs every Sunday at Noon Eastern and if you are not in Central Florida then you can tune in on line at http://www.540wfla.com/
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