Housing permits rise in Raleigh area
Posted March 19, 2013
Raleigh was just ranked the fastest growing city in the United States by Forbes Magazine. This accolade helps to solidify the fact that we are well positioned for long-term growth. Not only are we a well-diversified business region, but also our numbers indicate that we have enjoyed a 47.8 percent population growth rate since 2000.
The January report out from the North Carolina Department of Commerce indicates that the state’s unemployment rate rose to 9.5 percent from 9.4 percent in December. The US unemployment rate currently stands at 7.7 percent.
Housing starts and permits enjoyed nice gains on Tuesday. According to the latest report from the commerce department housing starts in February rose 0.8 percent. Permits for new construction rose 4.6 percent in February as well providing us with the fastest growth rate since June 2008.
Mortgage rates have once again become the beneficiary of international unrest. Bond prices were up again on Tuesday helping to lower the 10-year yield to 1.89 before settling at 1.90 for the day. We have enjoyed a nice rally in the mortgage space over the past couple of days. We receive Fed comments tomorrow afternoon so be aware of potential mortgage rate volatility depending on the Fed’s rhetoric.