U.S. builders broke ground on the most new homes and apartments in nearly four years last month, the latest evidence of a slow housing recovery.
Sales of new homes fell in March by the largest amount in more than a year, indicating that the U.S. housing market remains under strain despite some modest signs of improvement.
U.S. builders began laying the ground work for a turnaround in the housing market later this year by requesting the most building permits in any month since October 2008.
Fewer people bought new homes in December, making 2011 the worst sales year on record.
By DEREK KRAVITZ AP Real Estate Writer WASHINGTON (AP) — Construction of new homes plummeted in April, dragged down by a major drop in apartment building. Builders broke ground on 10.6 percent fewer new homes last month. The seasonally adjusted rate fell to 523,000 homes per year, the Commerce Department said Tuesday. That’s less than [...]
By Derek Kravitz AP Business Writer Washington — A new home, the dream of many would-be buyers, makes less and less financial sense in many places. A wave of foreclosures has driven down the cost of previously occupied homes and made them even more of a comparative bargain. By contrast, new homes have become more [...]
By MARTIN CRUTSINGER AP Economics Writer WASHINGTON (AP) — Builders began work last year on the second fewest number of homes in more than half a century, as the weak economy kept people from buying houses. Builders broke ground on a total of 587,600 homes in 2010, just barely better than the 554,000 started in [...]
By MARTIN CRUTSINGER AP Economics Writer WASHINGTON (AP) — Wholesale prices fell in April, reflecting declines in energy and food, while construction of new homes rose more than expected. But a drop in building permits, a gauge of future activity, along with the expiration of a government tax credit for home purchases suggest the construction [...]
By MARTIN CRUTSINGER AP Economics Writer WASHINGTON (AP) — Housing construction fell in February as winter blizzards held down activity in the Northeast and South. The decline highlighted the challenges facing builders as they struggle to emerge from the worst housing slump in decades. The Commerce Department said Tuesday that construction of new homes and [...]