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

Bloomberg is reporting tonight that US housing starts will likely fall to their lowest level in three years when the number is announced tomorrow (Tuesday).

Builders probably started work last month on the fewest new houses in three years as higher mortgage rates discouraged home buyers, economists said ahead of a U.S. government report today (Tuesday).

Housing starts fell to a 1.746 million annual rate last month, according to the median forecast in a Bloomberg News survey, from the previous month’s 1.795 million. Building permits probably fell to a 1.74 million pace, from July’s 1.763 million, economists said.

In addition, the National Association of Homebuilders is reporting that “homebuilders’ confidence in the housing market dropped this month to a 15-year low.” Looks like all signs are finally pointing to a slowdown we should have had a few years ago.

Tags: bloomberg, homebuilders, housing, starts