Items Tagged with 'US Commerce Department'

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  • Housing Starts Rise Despite Weak Builder Outlook

    Construction starts on US housing units jumped 17.2% in May, rising to a seasonally adjusted annual rate of 532,000 units, according to estimates released today by the US Commerce Department. The good month for housing starts comes after the volume dived 12.9% the month before. A 62% increase in new multifamily construction drove the month-over-month gain, while single-family home starts rose 7.5% to an annual rate of 401,000 units. Single-family building permits -- an indicator of future starts -- rose 7.9% in the month to an annual rate of 408,000 permits.
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  • Housing Starts Plummet

    Housing starts plunged 12.8% from the revised estimate in March to a seasonally adjusted annual rate of 458,000 after dropping 10.8% the previous month, according to data released today by the US Commerce Department. These starts, annualized based on the monthly rate, sit 54.2% below the revised April 08 rate of 1.001m.
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  • Fed Sees Slower Contraction

    The pace of economic contraction slowed somewhat since March, the Federal Open Market Committee (FOMC) said after wrapping up a two-day meeting Wednesday. But the contraction continues, indicating the economy remains entrenched in the throes of recession.
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  • Mortgage Rates Inch Downward

    Mortgage rates continued to fall back toward the 5 percent mark this week despite the upward trend seen in mid-January and into February. The average mortgage interest rate on 30-year fixed-rate mortgages (FRMs) was 5.04 percent with an average 0.7 point for the week ending Feb. 19, down from 5.16 percent the week before, according to a survey released Thursday by Freddie Mac [stock FRE][/stock]. The average rate for 15-year FRMs came in at 4.68 with an average 0.6 point, down from 4.81 the week before.
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  • Housing Starts Plummet Amid Low Builder Confidence

    Housing starts dropped 16.8 percent from the previous month to a seasonally-adjusted annual rate of 466,000 in January, according to data published Wednesday by the U.S. Commerce Department. Starts are down 56.2 percent for the year since January 2008. Building permits fell 4.8 percent for the month to a seasonally-adjusted 521,000 rate, according to the data.
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