An Unexpected Rise In Housing Starts;Some Say Slump May Be Near Bottom

By definition, news is –well–about new and sometimes unexpected things. Such is the case apparently with U.S. housing starts which surprised some experts by rising last month by an estimated 5.9%, according to a Commerce Department report.

Bob Willis,writing for Bloomberg and reported in the Detroit Free Press, says some believe “the housing slump may be nearing an end.”

Willis writes that “stepped-up construction in the Midwest and the South made up for declines in the Northeast and West.”

Before this surprise increase, housing starts in the U.S. had reached a three year low. But,for the first time in a year, Willis reports, there is an increase of home builder confidence.

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Tags: builder, construction, housing, mortgage, rates, starts