Housing Starts Increased in November

The number of new housing starts in the United States increased to an annualized rate of 574,000 for the month of November 2009. Back in October the number of new housing starts had decreased. This new increase is a good sign for what could be a housing recovery. The November new housing starts were highest in the Northeast by approximately 16%. The South had the next highest increase of approximately 12%. The West and the Midwest trailed behind in the 2% to 3 % range. To put this in perspective, for the years of 2004 through 2006, annualized housing starts in the United States ranged around 2 million. There has been a steady and steep decline in new housing starts from 2007 through 2009. The last few months have been the only hope that an increase in new home building is starting to take hold. Of course, housing is tied to employment and until there is some significant improvement in the double digit unemployment rate the housing growth is likely to be limited. 

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