New Housing Starts Highest Since 2008 | Drudge Retort

Wednesday, March 20, 2013

New Housing Starts Highest Since 2008

Groundbreaking to build homes rose in February and permits for construction climbed to their highest level since 2008, signs the housing market recovery is gathering steam. The Commerce Department said on Tuesday that housing starts rose 0.8 percent last month to a 917,000-unit annual rate. Permits for future construction jumped 4.6 percent to a 946,000-unit rate, the quickest since June 2008.

Posted by Corky at 08:33 AM | 41 COMMENTS | permalink | Comment on This Entry |

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The housing data was just the latest to suggest the economy has built a fair bit of momentum in the first quarter. Housing is helping counter the drag from tighter fiscal policy as Washington works to shrink the federal budget deficit. "Housing will be a major contributor not just to GDP growth, but also to job creation," said Dan Heckman, a fixed income strategist at The Private Client Reserve at U.S. Bank in Kansas City, Missouri.

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"Growth is bad for America" - Left Libertarians

"Growth under Obama is bad for America." - Right Libertarians/Republicans

#1 | Posted by Corky at 2013-03-19 11:40 AM | Reply | Flag:

Four years of 0% interest rates and 7 trillion dollars of deficit spending and finally housing is slowly starting to heat up. Hell Obama makes Bush look like a brain surgeon when it comes to the economy.

#2 | Posted by manuesstonedar at 2013-03-19 11:47 AM | Reply | Flag:

#2 Cleaning up after GOP recessions is hard werk.

#3 | Posted by Corky at 2013-03-19 11:50 AM | Reply | Flag:

"Bush look like a brain surgeon when it comes to the economy."

I sure hope you aren't in the business of recommending brain surgeons.

#4 | Posted by danni at 2013-03-19 11:51 AM | Reply | Flag:

If Bishop Willard had been victorious, these numbers would have been trumpeted as a sigh that his election was god's will, and the result of GOP ascendancy.

Since this growth came a under President Obama, MANUESSTONEDAR, and his pals will take these numbers down to the creek under the dark of a moonless night and drown them in a gunny sack.

#5 | Posted by oldwhiskeysour at 2013-03-19 12:17 PM | Reply | Flag:

#5 Funny and NW

#6 | Posted by Corky at 2013-03-19 12:19 PM | Reply | Flag:

Great news Corky!!! About time the momentum started picking up the pace. It has been only a year and a half ago since you told us the market has turned around and housing was on the rise.

#7 | Posted by KBM at 2013-03-19 01:30 PM | Reply | Flag:

Actually,

Housing isnt "on the rise". Try to get a mortgage now. No one is lending. Sure, rates are low, but alot of americans dont have good credit and they are still leveraged to the hilt.

Good times arent here again until people start getting jobs..

#8 | Posted by boaz at 2013-03-19 04:15 PM | Reply | Flag:

Housing starts, Major. Housing starts.

#9 | Posted by Corky at 2013-03-19 04:34 PM | Reply | Flag:

#9 | Posted by Corky

Understand Corky,

But alot of people will equate this with the state of housing purchases. They can build all the houses they want..

#10 | Posted by boaz at 2013-03-19 06:40 PM | Reply | Flag:

"Good times arent here again until people start getting jobs.."

Er...last months jobs report says people are, perhaps send an email to your Republican Senators to stop filibustering jobs to bring jobs home, to take away tax breaks for companies that are outsourcing??? Little help from Republicans??? Seems the least you could do since your party, with its "deficits don't matter" and "wars on the cheap" caused most of our problems.

#11 | Posted by danni at 2013-03-19 06:50 PM | Reply | Flag:

I thought these numbers are up due to investors buying up multiple foreclosed homes and are repairing them to rent out to people who can no longer afford a home.

#12 | Posted by Prolix247 at 2013-03-19 07:27 PM | Reply | Flag:

Just a little reality for this lib love fest.

Mortgage Applications Continue to Drop
Posted: March 20, 2013 at 7:20 am

The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications this morning, noting a decrease of 7.1% in the group's seasonally adjusted composite index. That followed a drop of 4.7% for the previous week.

#13 | Posted by paneocon at 2013-03-20 09:25 AM | Reply | Flag:

I just got a much lowered interest rate on my condo and the market is rising so hopefully I can sell it soon. Good news.

#14 | Posted by klifferd at 2013-03-20 09:31 AM | Reply | Flag:

No one is lending.
#8 | POSTED BY BOAZ AT 2013-03-19 04:15 PM | REPLY | FLAG:

Wrong again old bad tipper.

One of my clients just got an multi million dollar loan for a building purchase at 2.88%.

#15 | Posted by 726 at 2013-03-20 09:32 AM | Reply | Flag:

One of my clients just got an multi million dollar loan for a building purchase at 2.88%.

#15 | Posted by 726

Mine was denied, so 1-1=0.

#16 | Posted by wisgod at 2013-03-20 09:38 AM | Reply | Flag:

#15 Sure, it can be done with a 60-40LTD and steller credit. Average Joe that wants to buy a house with decent credit and 20% down is out of luck. With rates this low it is not worth it for the banks to lend.

#17 | Posted by fishpaw at 2013-03-20 10:49 AM | Reply | Flag:

One of my clients just got an multi million dollar loan

I'm talking about the average buyer. No one has 20% to put down on a house these days.

#18 | Posted by boaz at 2013-03-20 11:07 AM | Reply | Flag:

Well. stock market up, housing up, jobs up, I guess we are ready to have a party.

Don't mind all those trees, we are really out of the woods. No really.

#19 | Posted by sames1 at 2013-03-20 01:41 PM | Reply | Flag:

BS - nobody can get a loan anymore. My buddy (both he and his wife have been employed since forever) is going to have to move to an even smaller house, lose over $25k in the deal - all because the bank insists he can spend $200 more per month than what he has. His child is special needs - banks absolutely do not care what that costs a family.

#20 | Posted by redlightrobot at 2013-03-20 04:17 PM | Reply | Flag:

One of my clients just got an multi million dollar loan for a building purchase at 2.88%. #15 | Posted by 726

Mine was denied, so 1-1=0. #16 | Posted by wisgod

Well, when you bring in Grandma as your collateral, what do you expect?

Crisis

#21 | Posted by CrisisStills at 2013-03-20 05:10 PM | Reply | Flag:

Stellar!
We've finally made it up to recession levels.

#22 | Posted by Huguenot at 2013-03-20 06:57 PM | Reply | Flag:

One of my clients just got an multi million dollar loan for a building purchase at 2.88%.
#15 | Posted by 726

This would be a non-conforming loan, and since its a building (not a home) would probably be funded by a hard money lender. Not that I agree with everyone else, but your example doesn't prove they are lending.

#23 | Posted by AndreaMackris at 2013-03-20 07:10 PM | Reply | Flag:

"Growth under Obama is bad for America." - Right Libertarians/Republicans

#1 | Posted by Corky

The growth should have happened in 2008! But, since Obama was elected, it didn't happen. This is a well known fact. How come you didn't know that?

#24 | Posted by RonPaul at 2013-03-20 09:06 PM | Reply | Flag:

Why? There is a 13 million shadow inventory, (ie Bank owned but not released to the market}. Could it be everything possible is being done to keep prices inflated?

There are are pockets of growth but not in Vegas or Florida.

#25 | Posted by nutcase at 2013-03-20 11:43 PM | Reply | Flag:

Everyone knew Mitt could turn this thang around!

#26 | Posted by Corky at 2013-03-21 10:27 AM | Reply | Flag:

The National Association of Realtors

Anyone think they have a vested interest in there being higher sales numbers?

#27 | Posted by boaz at 2013-03-21 10:45 AM | Reply | Flag:

It's a Conspiracy!!

#28 | Posted by Corky at 2013-03-21 10:46 AM | Reply | Flag:

The NAR? You'll get my keys from my cold dead hand!

#29 | Posted by kanrei at 2013-03-21 10:47 AM | Reply | Flag:

Highest in 3 years? Wow. It's more like the first Cow being slaughterd and sold after the Great Depression.

#30 | Posted by wisgod at 2013-03-21 10:53 AM | Reply | Flag:

I wonder how Republicans will ever get out of the habit of hating good economic trends for America... especially after another 4 years of them.

#31 | Posted by Corky at 2013-03-21 10:56 AM | Reply | Flag:

I wonder how Republicans will ever get out of the habit of hating good economic trends for America... especially after another 4 years of them.

#6 | Posted by Corky

When you're at the bottom of the barrel, one inch off of it isn't really worth throwing a party. Should we celebrate Gas prices today too?

#32 | Posted by wisgod at 2013-03-21 11:04 AM | Reply | Flag:

What happened to Corky's post last week boasting the highest numbers since 2008? Are the numbers revised?

I wonder how Corky will ever get out of posting about numbers above zero as great economic news and to Obama's credit.

#33 | Posted by KBM at 2013-03-21 11:04 AM | Reply | Flag:

Yeah, I'm surprised anyone has any money to put down on homes, after they've spent all their spare cash on guns and ammo.

#34 | Posted by Whatsleft at 2013-03-21 11:07 AM | Reply | Flag:

#8 When you figure out the difference between new home starts and home sales, get back to us, KGB.

#35 | Posted by Corky at 2013-03-21 11:09 AM | Reply | Flag:

#36 Good point, Major.

#37 | Posted by Corky at 2013-03-21 02:50 PM | Reply | Flag:

70% of all home sales today are to speculators, non-owner occupied.

#38 | Posted by nutcase at 2013-03-21 03:22 PM | Reply | Flag:

There is no real housing recovery. In all likelihood, we'll have one more leg down. How long QE infinity can levitate this "recovery" is anyone's guess. Watch Cyprus carefully---it reminds me of the Herstatt Bank failure in 1974 which turned into an international crisis, even though it was just a medium-sized bank in what was then West Germany. It also reminds me of the assassination of Archduke Ferdinand that started World War I. The Cyprus debacle could become a major event in world history.

Then consider the fact that the IMF director Christine Lagarde's Paris apartment was ransacked by police yesterday. It's amazing to me that many of the DR posters are concerned about trivial matters when they don't see the Tsunami about to engulf our country.

Why do you think Bernanke is saying adios in 2014----you can bet he sees the horrors of his QE and Obama's wild spending early in his administration bringing this country to its' knees. Cyprus is only the tip of the iceberg that waits globally for the next ship to pass by.

#39 | Posted by matsop at 2013-03-21 06:59 PM | Reply | Flag:

Matsop -

I stumbled on this info last night and thought of you. It's a rather lengthy speech -- no video or pictures to see -- just this finance guy who is head of Stansberry & Associates (never heard of them before) talking the entire time with only text to his speech shown on the screen.

you came to mind because he apeaks about exactly what you mentioned in one of your earlier posts -- that the dollar will soon be hugely devalued and our economy is on it's way to a second recession many times worse than the one in 2008. He speaks to the audience all in very simplified financial terms -- but still sort of over my head and probably too simplied for you -- but interesting just the same.

Stansberry Research.com

He offers a couple free publications and at the end does try to promote a book but the info he gives might be of some interest to you.

Okay, I'm off now to watch the rest of Jeopardy

#40 | Posted by CalifChris at 2013-03-21 07:18 PM | Reply | Flag:

Bank owned but not released to the market

this is the dirty little secret the average Joe doesn't grasp. why is that house in Orange County still 600K? BECAUSE the banksters have calculated that by holding back they will overinflate value and still NOT TAKE A LOSS!

(insert vulgarity laced rant here...)

#41 | Posted by AuntieSocial at 2013-03-21 11:29 PM | Reply | Flag:

What this did not say was that the Lion's share of the housing being built is not anywhere democrats control anything. The growth is in places like Texas, Oklahoma, Kansas, Etc. BTW, a $200,000 house here cost 750,000 in Orange County and $1,000,000 in DC. Same floor plan, same materials, better air conditioning and landscaping.

#42 | Posted by docnjo at 2013-03-21 11:45 PM | Reply | Flag:

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