The ultimate solution:
Posted on 08/16/2011 6:05:56 AM PDT by Free Vulcan
WASHINGTON (MarketWatch) — Housing starts slipped 1.5% in July, according to data released Tuesday that highlight the lack of demand for new homes.
Starts fell to a seasonally adjusted annual rate of 604,000, down from a downwardly revised 613,000 rate in June, the Commerce Department said.
Economists polled by MarketWatch had anticipated an annualized rate of 600,000 for July, and many had thought June’s initial reading of 629,000 was too strong.
Single-family starts slipped 4.9% last month to 425,000 from a downwardly revised 447,000.
(Excerpt) Read more at marketwatch.com ...
The only bright spot is apartment units, if you can call that a bright spot.
wow.
The ultimate solution:
“Starts fell to a seasonally adjusted annual rate of 604,000, down from a downwardly revised 613,000 rate in June, the Commerce Department said.
Economists polled by MarketWatch had anticipated an annualized rate of 600,000 for”
The numbers were better than what was expected.
By six tenths of one percent.
I am no expert, but I think our economy relied too much on housing, housing starts, new construction. It's just another form of debt-based consumption. Sure, everyone needs a home. But you can't base an economy on that. We need to produce exports, it seems to me, or we will stagnate as we are now. And people need to go on credit detox. That debt unwinding means a long, slow recovery.
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