Home Construction at 4 Year High. Foreclosure at 5 Year Low.

More good news for the economy — new home construction bounced back to the highest level since July 2008 during the month of September.

WASHINGTON – U.S. builders started construction on single-family homes and apartments in September at the fastest rate since July 2008, a further indication that the housing recovery is strengthening.

The Commerce Department said Wednesday that builders broke ground on homes at a seasonally adjusted annual rate of 872,000 in September. That’s an increase of 15 percent from the August level.

Applications for building permits, a good sign of future construction, jumped nearly 12 percent to an annual rate of 894,000, also the highest since July 2008.

Additionally, foreclosure is now at a five year low and confidence among the NAHB is at its highest level since well before the recession began.

Foreclosures have fallen to a five-year low, reducing the supply of distressed homes available on the market. And four years of depressed levels of home building have cut the supply of new homes on the market to nearly record lows, according to a separate government report. [...]

On Tuesday, the National Association of Home Builders said its October survey of members found confidence among builders at the highest level since 2006.

While Romney continues to run on the idea that the economy has gotten worse over the past four years, that simply isn’t reflected by the record as it stands.

Unemployment has fallen to 7.8 percent from a high of 10 percent, consumer confidence is at a five year high, consumer spending is up, holiday hiring is projected to reach record levels, jobless claims are at a four year low, the deficit is at its lowest level in four years, and U.S. debt is at its lowest level since 2006.

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  • Draxiar

    I’m no housing and relestate guru but I hope this means that the value of my underwater mortgage condo increases so there will be a market for it and I won’t have to short-sale it.

    • http://drangedinaz.wordpress.com/ IrishGrrrl

      Qualified yes, IF you stay in it long enough. It depends on when you want to move out of it. If you have to move before its value turns around, you would be better off renting it out instead of doing a short-sale.

      • Draxiar

        My wife and I have talked of renting and while it’s not something I want to be tied to, it is better than a short sale, I agree. We’d be looking to get out of it in maybe 2 years…later than what I’d like because 800sqft with 3 people, a dog, a cat, and a quickly growing business is getting claustrophobic (having a yard would be nice to).

        Anyway, thanks for the tip IrishGrrl!

  • TerranceGilmore

    But I thought things were getting worse, that is why we were told to vote for Mitt.

    My brother is a realtor in K.C. Mizz, he says the market there is showing all the tell tale signs of a massive rebound. They have crossed the threshold from buyers market (low home values) to sellers market (home values rising).

    I love hearing this stuff. I am so fired up and ready to do today.

  • zirgar

    “Unemployment has fallen to 7.8 percent from a high of 10 percent, consumer confidence is at a five year high, consumer spending is up, holiday hiring is projected to reach record levels, jobless claims are at a four year low, the deficit is at its lowest level in four years, and U.S. debt is at its lowest level since 2006.”

    Yeah, Obama sucks!! Bring back, Bush! Bring back, Bush!

  • Victor_the_Crab

    “Unemployment has fallen to 7.8 percent from a high of 10 percent, consumer confidence is at a five year high, consumer spending is up, holiday hiring is projected to reach record levels, jobless claims are at a four year low, the deficit is at its lowest level in four years, and U.S. debt is at its lowest level since 2006…

    “AND LOOK, THERE’S A PUPPY FROLICKING IN A FIELD OF DAISIES! KILL IT!!!!!” – right wing politico/columnist