Housing Construction Up in December, Helping to Make 2003 Best Year Since

[rodbarnett]

WASHINGTON (AP) - Residential construction activity picked up in December, helping to make all of 2003 the best year for home builders in a quarter-century and underscoring the critical role the sector played in the economy's resurgence.

The Commerce Department reported Wednesday that housing construction increased by 1.7 percent last month from November - ending 2003 on a high note. For all of last year, the number of housing units that builders broke ground on totaled 1.85 million, up from 1.70 million in 2002.

The total for 2003 marked the strongest performance since 1978, when housing construction came to 2.02 million.

"There is no doubt about it - housing is the shining light in the recovery," said Susan Wachter, a real estate professor at the University of Pennsylvania's Wharton School.

http://ap.tbo.com/ap/breaking/MGAQ1HRLPPD.html

comment: And this is before the * ZERO down Plan. Just think how many new homes will be constructed if that plan passes

[prolesunited]

1. Interesting to note

the simultaneous rise in the number of foreclosures in many areas of the country. Wonder when this market bubble will pop?

[West Coast Democrat]

2. How will Americans be able to make mortgage payments

on these new homes, without decent jobs?

[The_Casual_Observer]

4. The trend around here is to co-op these

big expensive homes. An extended family or two moves in and shares the cost. How else, other than an inherited money could you afford it?

I honestly think that is why they build such big homes anymore.

[leetrisck]

3. And foreclosures are up dramatically

all across the country. Put em up, buy em, lose em