US builders broke ground on the most new homes in nearly 4 years, a sign of housing recovery

Home construction is making a long-awaited recovery that could help energize the U.S. economy.

From areas like Phoenix that are finally arising from the housing bust to cities like Chicago and Minneapolis where strong economies have lifted demand, residential construction is healthier than it’s been than at any time since sales and prices collapsed five years ago.

Builders are responding to interest from buyers attracted by cut-rate prices, record-low mortgage rates and rising rents, which have made a home purchase comparatively appealing.

Last month, single-family home building rose for a fourth straight month to a two-year high. And permits to build single-family homes, which make up about 70 percent of new-home market, reached their highest point since March 2010.

Read Full Article from Washington Post

- Posted: 2012-07-18 14:23:03

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