The number of residential building permits authorized in June rose 8.7 percent on a seasonally adjusted basis over May, while housing starts grew 3.6 percent, according to figures released jointly today, July 17, by the U.S. Census Bureau and the Department of Housing and Urban Development.
While these are positive signs that the freefall in the housing market is coming to an end, the rate of planned and actual construction is far below the levels at the same time last year. Building permits are down 52 percent from June 2008, while housing starts are down 46 percent.
Housing permits were up the most in June over May in the South, while housing starts were up sharply in the Northeast and Midwest, down sharply in the West and down slightly in the South.
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