building in the residential segment in 2015 will see greater activity compared to the previous year due to better economic and lending conditions, meaning more growth for builders.
Chicago, IL (PRWEB) February 26, 2015
On February 18th, The Federal Savings Bank was happy to see that housing starts had a year-over-year increase of 18.7 percent in January, which could signal the rise of housing inventory to start the 2015, according to the U.S. Census Bureau. Housing starts for single-family homes reached 678,000 in January.
Housing completions grew 1.3 percent from the revised December figure of 918,000 to reach a seasonally adjusted annual rate of 930,000. In addition to higher housing starts and completions from January 2014, the number of building permits in the latest Census Bureau report rose 8.1 percent from the same period last year.
In the same month, on February 20th, Dodge Data & Analytics estimated the worth of new construction starts jumped to $621 billion, up 9 percent. The firm predicts building in the residential segment in 2015 will see greater activity compared to the previous year due to better economic and lending conditions, meaning more growth for builders.
"For residential building, the strengthening job market and some easing of lending standards for home mortgages are expected to help single-family housing see moderate improvement relative to a flat 2014," said Dodge Data & Analytics Chief Economist Robert A. Murray.
The Federal Savings Bank is in agreement with the opinion hat 2015 will be a great year for both builders and borrows. The lender is expecting another surge sharp rise in mortgage applications in the Spring similar to the surge seen in early January.
Contact the Federal Savings Bank, a veteran owned bank, to learn more about mortgages.