Chillin' out till it needs to be funded
We are increasingly hopeful that a material recovery in US housing will happen , its roots in the bottom hit in November 2011. Of course, much of our argument will be economic, even statistical and we will try to determine the sstatistical biases along the way, but we will predominantyly be looking at a healthy cabbage patch of home statistics from Pending and Existing home sales to construction spending, the MBA report and mortgage settlements and businesses of US retail banks and also legal settlements as and when they happen on the basis that we all know where they were during the crisis. And of course if you follow indepth economic and currency blogs lie calculatedriskblog.coma nd zerohedge.com., it just might be that you know more than us and are not letting on. in which case, scribble down below in comments or write us and we will even find time to meet you..
The U.S. Census Bureau of the Department of Commerce announced today that construction spending during December 2011 was estimated at a seasonally adjusted annual rate of $816.4 billion, 1.5 percent (±1.4%) above the revised November estimate of $804.0 billion. The December figure is 4.3 percent (±1.9%) above the December 2010 estimate of $782.9 billion.
The value of construction in 2011 was $787.4 billion, 2.0 percent (±1.1%) below the $803.6 billion spent in 2010.
The year on year increase in private residential construction spending is particularly encouraging. Earlier, supply of housing units in the market decreased from 7.1 months to 6.1 months a figure of 6 denoting a balanced situation. 307,000 new homes were sold in December 2011