The Commerce Department reported today that November proved to be a great month for housing starts posting a 1-1/2 year high in permits to begin construction of new homes which offers hope for the struggling housing market.
Housing starts rose 9.3 percent to a seasonally adjusted annual rate of 685,000 units which is the highest since April 2010 and residential construction is up 24.3 percent compared to November 2010.
Despite the fact that new home construction is a good indicator for a recovering housing market; each home built also creates an average of three jobs for one year and helps to generate close to $90,000 in taxes for the state.
Did you know that even when someone buys a brand new home it is still a requirement to order a natural hazard disclosure report? The buyer needs to know what hazards are close by that could possibly affect the homes future and its desirability.