2012 Economic Outlook: Housing Construction Expected to Continue Inching Upward
Current softening attributed to typical month-to-month volatility in the numbers; 2012 housing starts forecast to grow 17%
Nationally, foreclosure rates have dropped back down to an average of 1 percent, and while they remain a problem in most markets, they are at crisis proportions in only a few, Denk said. He added that Texas and Florida have roughly the same number of mortgages, but Florida has four times as many foreclosures.
The protracted housing recovery now underway will bring housing starts to 40 percent of normal production by the fourth quarter of this year and 55 percent of normal by the end of 2013.
Getting back to normal considerably faster will be oil states Texas and Oklahoma; coal and natural-gas producing Wyoming and Montana; and Iowa, supported by agricultural commodities.
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