As reported in the world financial press today; a promising change in the downward trend in the start of new property builds. The number of new houses started in the US rebounded in May from April's record low, the Commerce Department has said. New housing build starts jumped 17.2% to a seasonally adjusted annual rate of 532,000 units in May, up from April's figure of 454,000.
However, the rate was still down 45.2% from May 2008.
Speaking on the housing figures, Zach Pandl at Nomura Securities in New York was quoted as saying "This starts report is actually very encouraging. Single-family housing starts, where the core of the inventory problem is in the housing market, are really coming back at a good pace.
And he concluded with "I would emphasise though that housing activity does remain at extraordinarily low levels, we really need to come back strongly from here."
Trends in America normally jump across the Atlantic in the following months.
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