Morning Briefing: Housing starts up almost 10 per cent in June

by Steve Randall20 Jul 2015
Housing starts up almost 10 per cent in June
Housing starts increased in June by 9.8 per cent to a seasonally-adjusted rate of 1.174 million units. Data from the US Department of Housing and Urban Development and the Commerce Department shows that multifamily production was the diver of the increase with a 24.9 per cent rise in June 2015 compared to a year earlier while single family starts were down 0.9 per cent. “The multifamily gains this month are encouraging and show that the millennial generation continues to be drawn to the rental market,” said NAHB Chairman Tom Woods. Regionally in June, combined single- and multifamily starts rose by 35.5 per cent in the Northeast and 13.5 per cent in the South. The Midwest and West posted respective losses of 0.7 per cent and 6.0 per cent.
Southern Georgian Bay home sales set new all-time record
Residential sales through the MLS in Southern Georgian Bay have hit a new record according to the Southern Georgian Bay Association of Realtors. Home sales numbered a record 373 units in June, rising 16.6 per cent from the same month in 2014. Year-to-date home sales were running 16.4 per cent ahead of the first half of 2014, marking the best start to any year on record. “While sales in the Western District remain very strong, it was a surge of sales in the Eastern District that pushed overall activity to an all-time record in June,” said Kevin Woolham, President of the Southern Georgian Bay Association of Realtors.  “That was likely more a supply side story than a demand story though.” The value of all residential transactions in June was a record $111.0 million, up 12 per cent from a year earlier. Dollar volumes in both districts reached new all-time records in June.
Hilary Swank seeks $20,000 a month for New York home
Oscar-winning actress Hilary Swank is seeking a $20k-a-month rent for her New York City apartment. The 2-bedroom, 2-bathroom home in Manhattan’s West Village has great views over the city’s iconic Empire State Building and the Hudson River. Zillow reports that Swank is looking after her dad who’s recently had lung surgery and is spending most of her time in LA, freeing up her New York home. 



Is TILA-RESPA a good or bad thing long term?