Posted on 11/18/2009 7:25:29 AM PST by TigerLikesRooster
Housing starts fall back to lowest level in six months
October data show starts down 10.6% and building permits off 4%
By Greg Robb, MarketWatch
WASHINGTON (MarketWatch) -- In a blow to the optimism that had surrounded the U.S. housing sector in recent months, housing starts fell a sharp 10.6% in October, the Commerce Department reported Wednesday.
New construction on housing units dropped to a seasonally adjusted annual rate of 529,000, the lowest level since April. The 10.6% drop was the biggest percentage decline for starts since January.
Both single-family homes and multifamily units declined last month.
Prior to the October decline, housing starts have been flat for four straight months, on the heels of a big rebound earlier in the year from historic lows for the home-building industry.
(Excerpt) Read more at marketwatch.com ...
Ping!
Explaining why ABC News suddenly lost interest in housing starts this month.
Housing starts tank, and this with 30 year mortgages available at 4.85%. What’s that tell you?
I am not sure how much more of this ‘Hope & Change’ we can take.
But do reporters who write §¶!+ like this really believe what they are writing or are they bursting into uncontrollable laughter as they write?
Got to get that Obama money flowing.
They never have the time to just drive around and see the thousands of brand new empty McMansions littering our once beautiful farmland.
YOU Lie!!!
are they bursting into uncontrollable laughtertears as they write?
Something else, all the bragging about fewer unemployment claims will change to panic starting in January if not sooner.
If the public takes a vacation from their normal X-Mas spending because of economic hard times, we will see the commercial sector implode. At the moment, based on the number of local retailers folding shop in my area, I wonder how much longer the commercial retailers and real estate guys can hold out.
I think it will be rough for retailers. Many folks I know are either not doing much at all, or are nearly done already.
I bought a 1600 sqft house a year ago an hour north of Sacramento, adhering strictly to LOCATION, LOCATION, LOCATION!, for $225,000. I know the price will go to $150,000/$175,000 before the bottom is in. If we have a full-blown depression, the house will go under $120,000. I have to live somewhere, and I in for 12-15 years, so I should recover if we don’t go the full blown depression or Japan lost double-decade routes.
Anybody who thinks there will be a recovery in house prices in the next 8 years is flat insane. Prices are just getting better and better for buyers all the time. There is no financial reason to buy right now, when you can wait a couple of years and save much more.
That said, if we don’t go the full-depression mode, we could get a bottom in prices 2011-2013. But a recovery? Way after 2015 in my opinion.
Pfffttt! you could not build a dog house, if you needed a bank loan. This deal is UP SIDE DOWN!
Housing starts equal the number of Americans losing their jobs each month, about 529,000...
That’s gotta mean something in the End Times we’re currently muddling through!
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