deep housing recession was beginning to bottom out, construction of new homes jumped in May by the largest amount in three months.
Fort Lauderdale, FL -- (SBWIRE) -- 09/09/2009 -- In another encouraging sign that the nation’s deep housing recession was beginning to bottom out, construction of new homes jumped in May by the largest amount in three months.
The Commerce Department said Tuesday that construction of new homes and apartments jumped 17.2 percent last month to 532,000 units. That was better than the 500,000-unit pace that economists had expected and came after construction fell in April to a record low of 454,000 units. Cabot Homes Groups has seen signs of this in the Fort Lauderdale area.
The better-than-expected rebound in construction was the latest sign that the prolonged slump in housing may be coming to an end, which would be good news for the broader economy.
Even with the encouraging news, analysts don’t expect a quick rebound in housing, since the economy is still shedding jobs and home prices are falling in many places, making people hesitant to commit to buying a new home. Yet at Cabot homes we’ve been able to help savvy clients take advantage of the inherent opportunities afforded by this market.
The 17.2 percent rise in housing construction for May still left activity 45.2 percent below where it was a year ago. Its not unreasonable, however, to think that the highly desirable Fort Lauderdale real estate market would see a disproportionate amount of growth compared to the rest of the state or country at large. That means more opportunity for smart buyers to take advantage Pre-construction opportunities and deals that usually exist in a hesitant market. That’s why Cabot Homes Group believes it’s important to have long-standing community relationships and to be extraordinarily knowledgeable about the areas you do business in. We believe it makes a difference for our clients. At Cabot Homes Group we are optimally positioned and have the all the tools required to guide our clients to successfully accomplish their Fort Lauderdale real estate goals.