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The U.S. Census Bureau and the Department of Housing and Urban Development jointly reported today that the construction of new privately-owned residences grew for the second straight month, rising 0.8 percent in March. The report also showed that housing starts were 25.9 percent below the March 2006 level, however.

“Now that spring has arrived, home builders have signaled their confidence that the housing market, encouraged by low long-term interest rates and steep price reductions, will quickly erase the current housing surplus and usher in renewed demand for new home construction,” said Quicken Loans Chief Economist Bob Walters.

Quicken Loans closed nearly $18 billion in home loan volume in calendar year 2006, up from $16 billion in 2005.

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