Posted on 10/17/2007 5:55:40 AM PDT by Hydroshock
Edited on 10/17/2007 6:01:29 AM PDT by Admin Moderator. [history]
NEW YORK (CNNMoney.com) -- Builders continued to slam the brakes on new homes in September, as the government's latest reading on the battered market out Wednesday showed housing starts and permits were weaker than expected at levels not seen for more than a decade.
The pace of housing starts plunged 10 percent to an annual pace of 1.19 million from a 1.33 million rate in August. That was the weakest level in just over 14 years. Economists surveyed by Briefing.com had forecast that starts would fall to an a rate of 1.29 million.
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Fortune's Andy Serwer talks with former Fed Chairman Alan Greenspan about the credit crunch and what it means for the housing market. Play video
Housing permits, which are seen as a sign of builders' confidence in the market, slumped 7 percent to an annual rate of 1.23 million from 1.32 million in August. It was the lowest level of permits in more than 12 years. Economists had looked for permits to slow to a 1.3 million pace.
The report follows a survey released Tuesday that showed home builders' confidence in the battered market for new homes fell to an all-time low in October, and a measure of their outlook for six months down the road remained at a record low level, according to the latest industry survey.
The downturn in housing and demand for new homes has hammered the results of the nation's top builders. Leading home builder D.R. Horton (Charts, Fortune 500) reported Tuesday that its fiscal fourth-quarter orders fell 39 percent, while the value of those orders plunged 48 percent.
So you’re comparing apples with houses?
Get with the program. It’s doomsday. Didn’t you see the apples?
I did not post that picture.
Aha. I think I see the problem. :-)
>> Take your Sunday paper.
Dang!
Your advice seems useful, but I can’t get past that first step without gagging! :-0
>> “starter” houses in Cobb County, in the $250K range
$250K is a “starter” value? Whoa.
Man, I’m outta touch. Must be getting old.
It might be time to take the plunge. I have the benefit of a lot of time to wait things out, because I don’t need something right away. There are a lot of properties that meet my needs, so I don’t have to fall in love with one just yet. I do want to be careful not to miss the boat, though.
A tricky business, this is.
You and me, both, Tick (tick...tick...tick...tick...). But $250 is what people start out at, these days.
Yeh, me too!
There are no back yards, just room enough for a patio and a jacuzzi. These homes are selling for $350,000 and up, and AFAIK, none are spec homes...all are being built under contract.
I believe the townhomes start at $225K.
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