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Construction of New Homes Showing Signs of Stabilizing
Construction of new homes fell to the 2nd lowest level in history in March, after February saw a significant rise in new homes being built. Economists are optimistic, however, that the slide in construction of single-family homes could be close to an end. The Commerce Dept. On Thursday reported a drop in construction of new homes of almost 11 percent for March to an annual rate of just over 508,000 homes. That pace is the second lowest for new home construction in the fifty years such records have been kept.
The March decline, just like in February, was sharper than experts had predicted. Building permit applications also fell in March, totaling just over 510,000, the lowest on record. The most significant drop in new home construction took place in the apartment sector, dropping almost 30%; though that sector saw a massive 62% rise in February. The single family dwelling sector actually saw little change from February to March. The pace of construction for single family homes is about 50% lower than last year, though experts encourage that the stabilization is a good sign that the construction drop is nearing a bottom. Analysts, while predicting home sales and prices to hit ... more

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