NEW YORK, NY, July 17, 2012 (Press-News.org) A new CNN article reports that residential building permits are on the move again. In May, builders applied for permits to construct new homes at the highest rate since September 2008, according to a Census Bureau report. The report also indicated that the increase in permits at an annual rate of 780,000 is similar to a recent survey of builder confidence, hitting its highest peak since 2007, as reported by the National Association of Home Builders (NAHB). California-based Realtor Jack Hipolito Fernandez is not surprised by the increase in residential building permits.
"Our business works with residential and commercial builders needing to sell properties," Jack Hipolito Fernandez said. "We have definitely not seen a slowdown lately. Builders are finally finding their place again in this real estate market and the buyers are eating it up. With buyers still looking for good deals, it is no wonder builders are increasing their permit requests now."
Housing starts dipped 4.8 percent compared with April, although numbers did go up 28.5 percent compared with the previous year. Despite the decline in housing starts, Pat Newport, a housing market analyst with HIS Global Insight, believes the NAHB report is good news for the real estate industry. He said that the data shows "housing construction numbers will get better and that means more jobs."
Jack Hipolito Fernandez agrees with Newport. "This increase in permits is good news for the employment seekers," he said. "More permits mean more construction, which in turn, means more jobs for people. That is good news for our economy."
Newport believes housing starts were low because of a surge in construction this past winter, thanks to warm weather. That moved up starts that would normally happen later in the year.
David Crowe, chief economist for the NAHB, believes the market is far from hitting its full potential. "Right now, we're half of where starts and permits would normally be and less if you consider this a recovery period," he said. "Builders understand that there's still a long road ahead - but things are improving." Jack Hipolito Fernandez agrees that the market still has a long way to go until it fully recovers.
ABOUT:
Jack Hipolito Fernandez is a partner and Realtor at HF Realty. After earning his business degree from California State University, he started working at his parents' real estate company. Eventually, he will take over the HF Realty after his parents retire. The company specializes in commercial and residential real estate sales in Los Angeles, Calif. Jack Hipolito Fernandez is committed to finding customers their dream homes or helping people sell their homes in a quick and efficient manner.
Website: http://jackhipolitofernandez.com
Jack Hipolito Fernandez: Not Surprised Home Building Permits are on the Rise
CNN reported that residential building permits have hit their highest since September 2008. Jack Hipolito Fernandez, a real estate professional, is not surprised and believes it means that the market is starting to recover from the recession.
2012-07-17
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[Press-News.org] Jack Hipolito Fernandez: Not Surprised Home Building Permits are on the RiseCNN reported that residential building permits have hit their highest since September 2008. Jack Hipolito Fernandez, a real estate professional, is not surprised and believes it means that the market is starting to recover from the recession.