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Essay / Research Paper Abstract
A 6 page paper that discusses the relationship between interest rates and new housing starts. Also discussed is whether or not the attacks on September 11 had an effect on new housing starts. In 2001, mortgage interest rates were the lowest they had been in 30 years. This essay reports data in terms of numbers of new housing starts and average interest rates for four years 2000-2003. Statistical data included. 1 Table included. Bibliography lists 7 sources.
Page Count:
6 pages (~225 words per page)
File: MM12_PGinhs.rtf
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Unformatted sample text from the term paper:
total of 1,612,100 housing unit permits issued in 2000, an increase of 1.2 percent over 2000 and the third highest number in 15 years (HUD, 2002). * New construction began
on 1,603,100 new housing units in 2001, a 2.2 percent increase over 2000 and the third highest number in 14 years (HUD, 2002). * Completion of new housing units declined
by 0.4 percent but still, the number completed, 1,556,700, was the third highest in the last 14 years (HUD, 2002). * New home sales totaled 900,000, an
increase of 2.6 percent (HUD, 2002). Fleishman summed up the situation for 2001: "Yes, theres a recession, and yes, theres a war on, and yes, there s been a major
jolt to the economy and to consumer confidence because of the Sept. 11 terrorist attacks, the anthrax incidents and their aftermath. Still, the housing industry in 2001 has set records
in home sales and housing starts" (2001, p. H01). And, the biggest factor was the fact that mortgage rates were the lowest they had been in 30 years (Fleishman, 2001).
Also sales increased in 2001 in spite of the fact that prices rose by nearly 8 percent (Fleishman, 2001). Prices had jumped even higher the year before, by 9.4
percent (Fleishman, 2001). Forecasters had though prices would only increase about 5 percent (Fleishman, 2001). One of the reasons for the increase what the fact that supply and demand were
pretty much balanced. Had inventory been high, prices would not have risen so much. The following table offers a comparison of new housing starts and interest rates from 2000 to
2003 Housing Starts (000) 2000 2001 2002 Estimated 2003 New Single-family 1,233 1,275 1,306 1,259 Fixed-rate 8.1% 7.0% 7.3% 7.6% ARMs 7.0% 5.8% 5.4% 6.1% (Source, Ross, March 27,
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