New residential construction logged a surprising increase last month as low mortgage rates fueled increased activity in the Southern U.S., helping housing starts climb to the highest mark in nearly 21 years. The Commerce Department said that housing starts rose 4.7% last month to a seasonally adjusted 2.159 million annual rate. It was the highest level of starts since February of 1984. With mortgage rates staying low, economists expect the housing market to continue to be a strong positive for the economy as a whole. Freddie Mac reported last week that rates on 30-year mortgages had fallen for a sixth consecutive week to 5.57%. Mortgage rates have managed to stay below 6% since last July, providing the impetus for all time highs in sales of both new and existing homes in 2004. It was the fourth straight year that sales in both categories have set records. MS Las Vegas Real Estate is geared up for another strong year in the Las Vegas home market. Our economy continues to surge (as does our population) and real estate in Las Vegas continues to be a solid investment.

This entry was posted by Michelle Sterling on Wednesday, February 16th, 2005 at 2:24 pm and is filed under Business & The Economy. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.