"Although households that traded up to better homes or cashed out equity added to their mortgage debt, over-all home values rose enough last year to offset these increases," the report stated. In mid-2003 "the housing sector continues to undergird a beleaguered economy as investment in home building, remodeling and home sales reached record highs."
– San Diego Union Tribune 6/17/03
Home buying and building has forged ahead despite the struggling U.S. economy as mortgage interest rates have dipped to lows not seen since the early 1960s.
– USA Today, 5/16/03
"(Record low rates were) the primary factor that led to an incredible amount of home building, home sales and refinancing, all of which helped keep the economy from another recession," Nothaft said.
– USA Today, 12/26/02
Housing and consumer spending, particularly on autos, have been pillars of support for the wobbly economy.
– Reuters 1/3/03
"If you are going to look for a bright spot in the economy, housing is it," said Geoffrey Somes, a senior economist at Fleet Bank in Boston. Home sales and construction "will continue to support the economy as the year proceeds."
Residential construction contributed more to gross domestic product in the first quarter than at any time in almost six years, adding 0.6 percentage point to the economy's 5.6% rate of growth.
– Bloomberg News, 6/16/02
Las Vegas' home building sector was a star in June, as reflected by the 4 percent increase in the construction industry labor force, he said. Education and health care also improved, rising 4.3 percent. The number of professional and business service jobs climbed 2.3 percent over last year. The job force for financial services increased by 2.1 percent.
– Las Vegas Review journal, 7/19/03
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