The combination of the home buyer tax credit, low interest rates and an improving employment picture lifted the value of single-family construction put in place on a year-over-year basis for five straight months through June, when it was up 26.7 percent.

At a seasonally adjusted annual rate, the measure rose for 12 consecutive months until June, when it fell 0.7 percent, undoubtedly showing the waning effects of the home buyer tax credit.

Multifamily construction spending, on the other hand, showed its first signs of life in June, rising 0.3 percent, although still down a hefty 52 percent from a year earlier. This supports NAHB?EUR??,,????'???s view that it is bouncing along the bottom as the industry continues to struggle with high vacancy rates and the shortage of financing for new projects. ?EUR??,,????'??? Courtesy of NAHB