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Real estate experts highlight economic importance of new home construction


MADISON, WI (WTAQ) - Real estate experts say for every one thousand homes built, three thousands jobs are created.

They say new home construction is a good indicator of the economy’s improvement.

Those thousand homes also generate an estimated $15 million dollars in taxes.

Wisconsin home builders say the market is turning.  Existing home sales were up three percent last month, the 21st straight month of sales growth according to the Wisconsin Realtors Association.

Mortgage rates right now are at all-time lows, less than three and a half percent for 30-year loans and 2-point-16 percent for 15 year mortgages.