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Newly2b

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Newly2b

Re: AD post# 374138

Saturday, 03/26/2005 11:01:26 PM

Saturday, March 26, 2005 11:01:26 PM

Post# of 704019
New Home Sales:

_______________________

What's Behind the Hot Home Building Pace?

(March 21, 2005) -- New-home construction rose 15.8 percent to an annual rate of 2.2 million units during the year-over-year period ended in February, marking the highest level in 21 years, says the U.S. Commerce Department.

Residential construction is taking off in all areas of the country--even in the poorest neighborhoods--although a rise in unsold inventory likely will put a damper on activity by the end of the year.

The building boom is being attributed to rapid household formation, immigration, wealthy Baby Boomers, and the speedy replacement of aging homes. The supply of older dwellings is dwindling--with the Census Bureau predicting net removals of about 450,000 units per year between now and 2013--due to disasters, the shift from residential to non-residential use, and the teardown trend.

Source: Wall Street Journal (03/21/05); Ford, Constance Mitchell

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