Missouri Housing Starts Increase

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Economists are dismissing the unexpected rebound in U.S. Missouri housing starts in February as temporary and perhaps weather-related, and suggest a bottom in the housing market is still some months away. Nevertheless Missouri Mortgage Company VanDyk Mortgage is still financing borrowers!U.S. housing starts rose to an annualized pace of 583k, representing a month-over-month increase of 22.2%, according to the U.S. Department of Commerce. Economists had expected starts to decline to 450k. The previous month's reading was revised up to 477k from a previously reported 466k. The rebound was mostly driven by a massive 82.3% increase in multi-family housing starts in the month.

Meanwhile, economists at RDQ Economics said not much should be read into the rebound, noting that the weather was unusually warm in January, and that nearly all of the increased starts were in the volatile multi-family sector.

They noted, however, that with housing starts at such low levels, they don't have much farther to fall. "We hold to the view that the level of housing construction is becoming so low in absolute terms that starts will bottom out in the months ahead and that the housing drag on GDP growth will diminish substantially in the second half of the year," they wrote in a client note. A true recovery in housing won't be able to happen until home builder sentiment improves, high inventory levels start to decline, and credit conditions in the housing market become less restrictive, economists at Nomura Securities said.

"[This report] is a rare and welcome piece of positive news on the housing market ... but it is still too soon to call an end to the contraction in starts," they wrote.

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Van Dyk Mortgage Missouri
1830 Jeffco Blvd
Arnold, MO 63010 | (877) 282-2755

This branch is licensed with the State of Missouri, Missouri Divison of Finance, Residential Mortgage Brokers License Act Exemption, License .
This branch is licensed with the State of Indiana, Indiana Department of Financial Institutions, First Lien/ Second Lien Mortgage Lending License, License 10863 / 6635 .
This branch is licensed with the State of California, State of California, Department of Corporations, Residential Mortgage License, License 413-0638.
This branch is licensed with the State of Texas, Department of Savings & Mortgage Lending, Mortgage Banker Registration, License 64874.
This branch is licensed with the State of Georgia, Department of Banking & Finance, Mortgage Lender License, License 22013.

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