Housing permits decline nationwide: report

Permits for new housing units nationwide were at 565,000 in July, a 3.1 percent decline from June and a 3.7 percent decrease from July 2009, according to data released today by the Department of Commerce on new residential construction. Housing starts increased 1.7 percent, consistent with private sector expectations of a 2 percent increase, but saw a 7 percent decline from June 2009, the report says. “Today’s data show that new housing activity appears to be stabilizing in the wake of the expiration of the home buyer tax credit,” said Gary Locke, secretary of the Department of Commerce. “However, a healthy economy requires not only a robust housing sector but strong employment and incomes.” TRD