New Residential Construction in June 2003 was estimated to be up .8% from May 2003, and up 4.1% from last year. Bloomberg.com reported that the 30-year mortgage rate dropped to 5.21% in June, the lowest it has been since 1965, when the rate was 5.83. As a result, mortgage lenders have been inundated with applications to purchase homes, and builders are reporting record highs for orders. The outlook for the next 6 months the home building industry is looking the most optimistic since February of 2000. Seasonally Adjusted Rates New Privately-Owned Housing Units Authorized in Permit-Issuing Places Units Number in % Change % Change Thousands of Units from May ?EUR??,,????'???03 from June ?EUR??,,????'???02 Total Homes 1817 +0.8 +4.1 1 Unit 1421 +5.3 +8.6 2-4 Units 73 -13.1 -11.0 5+ Units 323 -12.7 -9.0 New Privately-Owned Housing Units Authorized, but Not Started Units Number in % Change % Change Thousands of Units from May ?EUR??,,????'???03 from June ?EUR??,,????'???02 Total 188.4 +1.5 +31.9 1 Unit 116.8 +0.5 +29.8 2-4 Units 6.6 +10.0 +47.8 5+ Units 65.0 +2.6 +34.5 New Privately-Owned Housing Units Started Units Number in % Change % Change Thousands of Units from May ?EUR??,,????'???03 from June ?EUR??,,????'???02 Total 1803 +3.7 +5.5 New Privately-Owned Housing Units Under Construction at End of Period Units Number in % Change % Change Thousands of Units from May ?EUR??,,????'???03 from June ?EUR??,,????'???02 Total 1052 +0.5 +3.0 New Privately-Owned Housing Units Completed Units Number in % Change % Change Thousands of Units from May ?EUR??,,????'???03 from June ?EUR??,,????'???02 Total 1673 -4.0 +5.2