May Housing Permits Off Their Record Low In April

Real Estate Broker/Owner

According to the U.S. Census Bureau, housing permits increased 4.0% in May compared to April to a seasonally adjusted annual rate of 518,000 units.  However, the current pace is still off -47% from last year, and 2008 was a bad year for real estate.

To give the current number some context, the rate of 498,000 seasonally adjusted housing permits in April, the previous month, was the slowest pace in over four decades.

But apparently Jim Cramer still wants us to think that the housing market and home values have found a bottom.

Comments (2)

Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239
Real Estate One - Commerce, MI
Michigan homes for sale ~

Yes they turned those numbers around and said there was a rise in home permits.  Gotta love the spin doctors.

Jun 21, 2009 12:59 PM
Tim Monciref - Austin, TX
Over 2,000 homes sold…..

There is sure alot of positive news coming out which is increasing optimism.  I am still waiting for the unemployment figures to reverse.  That is when hype becomes reality.

Jun 21, 2009 01:07 PM