Are we starting to see light at the end of the tunnel in the housing market? In a report issued this morning the Commerce Department reported housing construction starts jumped 22% in February to a seasonally adjusted annual rate of 583,000. While far from last February’s rate of 1.1 million, this jump is the largest in 19 years and begins to offer hope that we’re either in the bottom of the housing market or darn close to it. Another pleasing sign was the 3% rise in the issuance of building permits in February. This is another good indicator of continued growth in construction starts. Residential real estate has repriced itself as an asset class, interest rates remain low and the tax credit for housing purchasers all combine to make this a powerful time to buy a home. I can see the light.
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