Building Permits Rise As Weather Warms

Peoples Home Equity comments on Tuesday's building permits release by the U.S. Census Bureau.

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By region for February, permits rose 6.25% in the Northeast, declined -11.8% in the Midwest, rose 9.87% in the South, and rose 17.9% in the west.

Chicago, IL (PRWEB) March 18, 2014

Peoples Home Equity was delighted to see building permits rise 7.72% from January to February. The economic factor is important as its imperative to get existing home owners to new homes so that more housing inventory is available a more competitive price to first-time home buyers.

The U.S. Census Bureau released its building permits figure today, March 18th, which showed productive rise in building permits. The number of building permits in January was 937,000 which increased to 1,018,000 in February. The rise in permits was much better than expected as the market was expecting a smaller 2.4% monthly change from January to February. By region for February, permits rose 6.25% in the Northeast, declined -11.8% in the Midwest, rose 9.87% in the South, and rose 17.9% in the west. The severely cold winter is a strong factor when considering why building permits did not rise in the Midwest during this period.

Overall, the news was well received by Peoples Home Equity as home sales have slumped considerably through the winter months. However, the lender would have preferred to see building permits rise in its main region of business, the Midwest. This positive change in data comes a day after the National Association of Home Buyers released their “Housing Market Index” on Monday, March 17th, which also showed a month over rise.

Meanwhile not all housing data was uplifting. Housing starts fell to a reported 907,000 February, but this decline was a minimal -0.22% from 909,000 in January.

The housing market is set for another few busy days, as weekly mortgage applications will be released on March 19th followed by the all-important existing home sales figure on March 21st.

If interested in securing a competitive, lower rate mortgage, consider speaking with a Peoples Home Equity loan officer today details at: (855)-897-0300