It was encouraging to see new construction spending UP in October, now two months in a row, and the gain mostly came from a rise in residential construction. The U.S. Census Bureau put residential construction UP 2.4% in October to an annual rate of $240.3 billion. Though headed in the right direction, residential construction is still down 8% from a year ago.
U.S. home sales and homebuilding also came roaring back to life in October. October pending home sales jumped a record 10.4 percent, lead by a 27 percent jump in the Midwest and a 20 percent gain in the Northeast. October construction spending also grew again in October, rising 0.7 percent, confounding analyst forecasts for a -0.3 percent monthly decline. Private residential construction alone jumped 2.5 percent in October, the biggest increase in private residential construction since April 2010.
~U.S Outlook, Wells Fargo Securities LLC
There is sometimes a misconception on the part of the public that all credit agreements have a three-day right of rescission. There is no right of rescission for credit extended for the purchase or construction of real property.
I am so excited about my website. I have worked my butt off creating it and I hope all who enter enjoy! Can’t wait for Thanksgiving this year. Looking forward to cooking a delicious moist turkey. Yumm!