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If you are thinking about a new home in Orlando but are concerned that we have not reached the bottom of the Orlando new home market this article has some facts and numbers that show the new home market is slowly coming back.

New numbers from the U.S. Commerce Department show that production and permitting of new single-family homes continued on an upward trajectory in July. But substantial declines on the multifamily side dragged down the overall numbers, with combined single- and multifamily starts down 1 percent to a seasonally adjusted annual rate of 581,000 units and combined single-and multifamily permits down 1.8 percent to a 560,000-unit rate. "The latest report marks a fifth consecutive month of improvement in single-family housing starts and a fourth consecutive month of improvement in single-family permits," said NAHB Chief Economist David Crowe. "This is exactly in keeping with our latest member surveys, which indicate that builders are cautiously optimistic about single-family sales conditions over the next several months. That said, the significant drop-off in multifamily construction and permitting shown in recent months' reports may be a harbinger of the financing challenges facing all home builders going forward. A severe lack of credit for acquisition, development and construction financing, along with other issues tied to low appraisals and the upcoming expiration of the first-time buyer tax credit, could derail the progress made so far. Government action is required to ensure that housing can help generate jobs and economic growth in the days ahead." Single-family housing starts posted a 1.7 percent gain to a seasonally adjusted annual rate of 490,000 units in July, while single-family permits registered a 5.8 percent gain to 458,000 units. Both of these were the highest levels registered since October of 2008. Meanwhile, multifamily starts tied a record low set in April of this year, falling 13.3 percent to a 91,000-unit rate. Multifamily permits fell 25.5 percent to 102,000 units.

If you are in the Orlando new home market and need help with the Orlando mortgage process contact OrlandoMortgageCentral.com.