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Thursday, August 26 2010

New home construction edged up slightly in July but applications for building permits tumbled to the lowest point in 14 months, a sign of continued stress in housing. 

Construction of new homes and apartments rose 1.7 percent in July, the Commerce Department reported Tuesday. Still, applications for building permits, considered a good sign of future activity, fell 3.1 percent. 

A rebound in housing is considered critical for a sustained economic recovery. But builders continue to struggle with weak demand for new homes caused by high unemployment and a glut of foreclosed homes on the market. 

The July increase in housing construction pushed total activity to a seasonally adjusted annual rate of 546,000 units. Building activity in June was weaker than first reported. It fell 8.7 percent to an annual rate of 537,000 units, the slowest pace since October of last year. 

Housing construction got a boost earlier in the year when the government offered buyers up to $8,000 in federal tax credits. But after the incentives expired at the end of April, sales and constructions activity slumped. 

Driving the July increase was a 32.6 percent surge in construction of apartments and condominiums, which jumped to an annual rate of 114,000 units. The bigger single-family sector declined 4.2 percent, falling to an annual rate of 432,000 units. 

The drop in building permits left applications for new construction at a seasonally adjusted annual rate of 565,000, the slowest pace since May 2009. 

Construction activity surged 30.5 percent in the Northeast and was up 10.7 percent in the Midwest. However, construction fell 6.3 percent in the South and was flat in the West. 

In advance of the report on housing starts, the National Association of Home Builders reported Monday that its monthly index of builder sentiment dropped to 13 in August. That was the lowest reading in 17 months. Readings below 50 indicate negative sentiment about the housing market. 

The last time builders' index was above 50 was in April 2006. 

Builders say consumers remain worried about the weak economic recovery and the sluggish jobs market. Among those who are buying, many are opting for deeply discounted foreclosed properties.

Sourcee: http://www.foxnews.com/politics/2010/08/17/new-home-construction-edges-percent-july/

Posted by: Rolando Trentini AT 08:05 am   |  Permalink   |  Email
Thursday, April 22 2010

Housing construction posted a better-than-expected performance in March, rising to the highest level in 16 months on the strength of multi-family homes. 

The Commerce Department report Friday showed that construction of single-family homes, the most important segment of the market, fell. It dropped 0.9 percent to an annual rate of 531,000 units, after a strong 5.7 percent gain in February.

But permits for single-family construction, a barometer for future activity, were up. That raised some hopes that the recovery of the housing market will stay on track and help sustain the broader economic rebound.

Overall, construction rose 1.6 percent to a seasonally adjusted annual rate of 626,000. That was higher than the 610,000 level that economists expected. In addition, the government revised February's numbers to show a 1.1 percent gain rather than the initially reported drop of 5.9 percent.

Applications for building permits recorded a better-than-expected increase in March, rising 7.5 percent to an annual rate of 685,000.

Analysts are looking for any rebound in housing to be modest at best given the severe problems facing the industry. These include record home foreclosures and high unemployment, which robs potential buyers of the income they need to support a home purchase.

The weakness in single-family construction was offset by an 18.8 percent surge in the smaller multifamily sector, which rose to a seasonally adjusted annual rate of 95,000 units. Analysts do not expect this strength to continue given a multitude of problems facing commercial real estate at the moment. That includes high apartment vacancy rates and rising foreclosures of commercial properties.

Paul Ashworth, an economist at Capital Economics, noted that even with the March gain, the level of housing construction is still slightly more than one-fourth of where it was during the boom years in the middle of the decade. He said this burst of activity could well fade after home buyer tax credits expire at the end of this month.

By section of the country, all the strength in March came in the South. Construction activity there jumped 18.2 percent, the best advance in 10 months. Building activity plunged 28.4 percent in the Midwest and was down 8.3 percent in the Northeast and 2.1 percent in the West.

The National Association of Home Builders said Thursday its housing market index, which tracks industry confidence, jumped four points to a reading of 19 in April, the highest level since September.

Builders are reporting a pickup in sales and customer traffic as homebuyers rush to qualify for expiring tax incentives. The tax credits — $8,000 for new buyers and $6,500 for current owners — expire at the end of this month.

Many economists believe the tax incentives will boost the number of buyers now but lead to a drop in sales in the second half of the year.

Home sellers are also having to cope with banks tightening up on lending standards and a sizable supply of unsold homes.

The number of homes seized by banks jumped 35 percent in the first quarter from a year ago, RealtyTrac Inc. said Thursday. In addition, households facing foreclosure increased 16 percent in the same period and 7 percent from the last three months of 2009.

More homes were taken over by banks and scheduled for a foreclosure sale than in any quarter going back to at least January 2005, when the foreclosure listings firm began reporting the data.

Source: http://www.courierpress.com/news/2010/apr/16/march-housing-starts-gain-multifamily-building/

Posted by: Rolando Trentini AT 08:00 am   |  Permalink   |  0 Comments  |  Email
Tuesday, March 09 2010

Newburgh has been awarded a $50,000 grant which it will use to fund a downtown revitalization planning study, according to Cynthia Burger, town manager.

The grant money comes from the federal Community Development Block Grant (CDBG) program. Indiana’s Office of Community and Rural Affairs (OCRA) administers the grants.

The study will assess the city’s downtown area and business district and provide recommendations with cost estimates for improvements. Items in the study will include: sidewalk and curb improvements, storm drainage and utility issues, streetscaping and beautification projects and other strategies to create a more economically viable downtown district.

More information about The CDBG grant program is available at www.in.gov/ocra.

Source: http://www.courierpress.com/news/2010/mar/09/newburgh-gets-grant-downtown-revitalization/

Posted by: Rolando Trentini AT 02:50 pm   |  Permalink   |  0 Comments  |  Email
Tuesday, November 10 2009

The Vienna Choir Boys are coming to Newburgh to sing at 7 p.m., Nov. 22, in Newburgh United Methodist Church, 4178 Indiana 261.

Admission to the concert is $25, with proceeds going to A Home for the Holidays, a project with Habitat for Humanity to build a house for a family in the Newburgh area.

Tickets go on sale to the public at 9 a.m. Monday at the church. For more information, call (812) 853-2946.

By Roger McBain Source: http://www.courierpress.com/news/2009/nov/05/vienna-choir-boys-perform-newburgh-nov-22/

Posted by: Rolando Trentini AT 07:00 am   |  Permalink   |  0 Comments  |  Email
Saturday, November 07 2009

The Vienna Choir Boys are coming to Newburgh to sing at 7 p.m., Nov. 22, in Newburgh United Methodist Church, 4178 Indiana 261.

Admission to the concert is $25, with proceeds going to A Home for the Holidays, a project with Habitat for Humanity to build a house for a family in the Newburgh area.

Tickets go on sale to the public at 9 a.m. Monday at the church. For more information, call (812) 853-2946.

By Roger McBain Source: http://www.courierpress.com/news/2009/nov/05/vienna-choir-boys-perform-newburgh-nov-22/

Posted by: Rolando Trentini AT 07:00 am   |  Permalink   |  0 Comments  |  Email
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The Trentini Team
F.C. Tucker EMGE REALTORS®
7820 Eagle Crest Bvd., Suite 200
Evansville, IN 47715
Office: (812) 479-0801
Cell: (812) 499-9234
Email: Rolando@RolandoTrentini.com


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