Housing starts highest since October 2007

Photo Credit: Bloomberg

Article by: Jeffry Bartash
WASHINGTON (MarketWatch) — Home builders are on a roll.

Construction on new U.S. homes rose in July at the fastest pace since the Great Recession, offering rock-hard proof that the housing market is the strongest it’s been in years.

Housing starts edged up 0.2% last month to an annual rate  of 1.21 million, the Commerce Department said Tuesday.  That marks the highest level since October 2007, two months before the Great Recession began.

New home construction in June were also revised up to a 1.20 million pace from 1.17 million. A survey of home builders on Monday showed that they as optimistic as anytime since 2006. Low interest rates, a steady flow of hiring in the U.S. and an improved economy are all helping to attract new shoppers who can afford to own or rent a home. As a result, the number of new homes under construction also rose in July to an seven-year high.

Excerpt from the article: Housing starts highest since before Great Recession.  Click HERE to read the full article.