Municipal Government

Economic Housing Report

August 4, 2016 
By Stephanie West

Washington, DC – U.S. homebuyers are continuing to enjoying historically low interests rates for the immediate future. The latest federal housing starts report shows new construction is increasing to fill the demand.

One of the biggest economic news stories of the year has been the United Kingdom's decision to leave the European Union. Dubbed "Brexit," the U.K. vote is expected to have an impact throughout the world, including on the U.S. housing market. Brexit is creating a further demand for U.S. Treasuries and assisting to keep mortgage rates near historic lows. Clearly, now is a good time to buy a home .

The demand for new housing is strong throughout the U.S. as housing starts surged up 4.8 percent in June. According to the Department of Housing and Urban Development,  the number of issued building permits for privately-owned housing units was up 1.5 percent from May. Over one million new homes are now under construction, the highest level seen since February 2008. This new inventory should come as a relief to home buyers in tight markets.

August 3, 2016

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