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Home Construction Declines

January 30, 2011 Comments off

By SARA MURRAY

New-home construction dropped in December to its lowest level in more than a year as the feeble housing sector ended 2010 on a weak note.

Private building of new homes dropped 4.3% in December from a month earlier to a seasonally adjusted annual rate of 529,000—the lowest level of housing starts since October 2009, the Commerce Department said Wednesday. The construction industry continued to stumble last year even as economic growth picked up and private-sector job creation returned. Housing starts ended the year 8.2% below December 2009 and there’s little sign building will pick up early this year.

“From what we’ve heard from builders, they’re not very hopeful for Read more…

US banks foreclosed on record 1 million homes in 2010

January 13, 2011 Comments off

US banks repossessed a record one million homes in 2010, and are predicted to surpass that number in 2011. RealtyTrac said about five million homeowners were at least two months behind on their mortgage payments. Among the worst hit states were Nevada, Arizona, Florida and California. Nevada had the highest foreclosure rate for the fourth year in a row, with one in 11 homes receiving a foreclosure notice. RealtyTrac said more than half the nation’s foreclosures occurred in Arizona, California, Florida, Illinois and Michigan. 2.9 million US households were subject to a foreclosure filing last year, up 1.6% from 2009. RealtyTrac’s senior vice-president Rick Sharga said: “2011 is going to be the peak.” Foreclosures slowed toward the end of 2010 amid revelations banks had improperly documented them, but the pace is expected to pick up in the first quarter of 2011.
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