|English: Park Village recently received recognition from the National Arbor Day Foundation and the National Association of Home Builders. (Photo credit: Wikipedia)|
Washington, Feb.21, stock tips .- Home building fell in January after surging 15.7% the month before, even though the new permits for construction rose to third-highest since 2008. This disappointed many analysts who were expecting January to be evidence of a housing market rebound.
The National Association of Home Builders said Tuesday that confidence among U.S. homebuilders slipped in February from a 6 1/2-year high in January. Many builders reported less traffic by prospective customers before the critical spring home-buying season begins. “Following solid gains over the past year, builder confidence has essentially leveled out and held in the same three-point range over the last four months,” noted NAHB Chairman Rick Judson, a home builder from Charlotte, N.C. “This is partly due to ongoing uncertainties about job growth and consumer access to mortgage credit, but it’s also a reflection of the fact that builders are now confronting rising costs for building materials and, in some markets, limited availability of labor and lots as demand for new homes strengthens.”
Even though new homes only make up a small percentage of the housing market, they still make an impact on the economy. According to statistics from the home builders, each new home built creates an average of three jobs for a year and generates about $90,000 in tax revenue. ...