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Homebuilding increased in March

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From the Kansas City Star:

Homebuilding strong in area

By JULIUS A. KARASH The Kansas City Star

Construction of single-family homes in the Kansas City area rebounded strongly in March, with builders obtaining 1,153 permits, according to the Home Builders Association of Greater Kansas City.

The latest monthly permit total is the second-largest on record, trailing only the 1,167 single-family permits taken out in March 1999.

According to Tim Underwood, executive vice president of the builders association, the permit numbers suggest that the area construction market remains healthy despite growing concerns that mortgage rates are heading up.

This week, mortgage giant Freddie Mac reported that rates on benchmark 30-year mortgages rose for the fifth week in a row, to 5.94 percent, their highest level this year.

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