Building Permits Rising Signaling Strengthening Real Estate Market

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Peoples Home Equity discusses the recent record number of building permits recorded for October.

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Peoples Home Equity advises that home buyers start paying serious attention to the historical average number of building permits since 1960.

Building permits posted the highest record figure since June 2008. This is the 3rd consecutive month of rising building permits. Peoples Home Equity encourages first-time home buyers to prepare by getting approved for a home loan before property values may go higher.

Peoples Home Equity advises home buyers to start paying serious attention to the historical average number of building permits since 1960. According to TradingEconomics.com, building permits have averaged 1,370 thousand for since 1960. Tuesday’s building permits number of 1,034 thousand remains below the 53 year average, implying there is still room for more permits/demand more housing. The lender reminds mortgage applicants that they will not get a break on interest if The Federal Reserve decides to taper its asset purchase program. With unemployment declining towards 6.5%, and the housing market improving as shown with Tuesdays building permits growth, it’s only a matter of time before rates rise further.

Peoples Home Equity encourages prospective home buyers to pay attention to mortgage rates in the next few months. Readers may be specifically interested in Peoples Home Equity’s recent market analysis titled "43 Years of Data Shows Historical Bias in Mortgages Rates" which states that relatively low interest rates have shown a bias during December, January, and February. Thus, the lender is telling prospective home buyers to apply and get approved for a home loan now!

Property values may not decline much this winter due to low inventory, even though seasonal weakness is still expected. However, the bidding cannot begin until the mortgage applicant knows what their credit line is, especially first time home buyers. Hence, it’s important to get approved for a loan before even shopping for a home. Once approved, shopping for credit approved home buyers becomes easier as sellers are more willing to accept lower offers in the winter.

To get start on a home loan application please visit: PeopleHomeEquity.com, or contact a representative today at: (949)-481-6156

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