Posted on 07/20/2006 7:33:18 AM PDT by Hydroshock
WASHINGTON - The pace of U.S. home building fell more than expected in June as groundbreaking on single-family units logged the slowest pace in 1-1/2 years, according to a government report on Wednesday that added to signs of a broad cooling in the housing market.
The Commerce Department said June housing starts fell 5.3 percent in June to a 1.850 million unit annual pace, from a downwardly revised 1.953 million unit pace in May. May’s rise had interrupted a string of three straight monthly declines.
Economists had expected June housing starts to decline to 1.90 million units from May’s originally reported 1.957 million unit pace.
(Excerpt) Read more at msnbc.msn.com ...
That's not saying much, but it does appear the financial world is expecting a US economic downturn.
geeze..you are almost an hour late in posting this.
A new, second 650 house development just started in my neighborhood last month (the other one is a quarter mile away). There are about 18 big earth-moving machines and bulldozers working across the road right now.
Why can't housing starts fall in my area ?
They probably will. Sad to say.
The increase in interest rates is a big rock for the industry to swallow.
Not sad for me personally - I'd like to see green fields rather than crappy, expensive, cookie-cutter McMansions with no landscaping.
I'm not wishing for a downturn across the country, just in my very small corner of it :)
bump for later
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