As reported by: Real Estate Economy Watch – Insight and Intelligence on Residential Real Estate.
Written by: Editor, October 15, 2012
Year-over-year gains for single-family starts and new home sales have been sustaining the momentum of earlier this year and new homes and existing home sales have also been advancing. Year-to-date U.S. housing metrics are well above 2011 levels, according to Fitch Ratings.
Fitch has again raised its housing forecasts for 2012, but the ratings service still assumes a moderate rise off a very low bottom. Fitch projects single-family housing starts to improve about 19 percent, new home sales to rise approximately 19.5 percent and existing home sales to grow 8.5 percent in 2012.
“The major public builders generally realized much stronger results y-o-y in the first half and gained market share. On average net new orders were up 30.2 perce t. The unit backlog typically improved 41.3% (48.2 percent on a dollar basis). The implied price in backlog grew 5.4 percent (more from mix than overt price increases)” Fitch said in its Chalk Line report.
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