In the Hot Sheet:
Nationwide housing production rose 3.6 percent in October to a seasonally adjusted annual rate of 894,000 units, according to the U.S. Commerce Department. This is the highest pace of new-home construction since July of 2008.
“This report is in line with our latest builder surveys, which show improving confidence and optimism in the marketplace as buyers take advantage of low mortgage rates and very attractive prices,” said Barry Rutenberg, chairman of the National Association of Home Builders (NAHB) and a home builder from Gainesville, Fla.
“Builders are acting to meet rising demand while continuing to exercise caution by pulling a modest increase in the number of single family permits as the market continues to gradually gain its footing” [keep reading].