"U.S. October Housing Starts Drop 14.6%"
U.S. October Housing Starts Drop 14.6% to 1.486 Million Pace
I can think of at least one builder who didn't start any new construction in October.
By Joe Richter
Nov. 17 (Bloomberg) -- Housing starts in the U.S. tumbled in October to the lowest in more than six years, as waning home sales and swollen inventories discouraged new projects.
Builders broke ground on 1.486 million new homes at an annual rate, down 14.6 percent from September's 1.74 million pace, the Commerce Department said today in Washington. Building permits dropped to a 1.535 million pace, a record ninth straight decline and the lowest since December 1997.
Full article....I can think of at least one builder who didn't start any new construction in October.
posted by Little_Silvered at 8:54 AM
6 Comments:
E online news...Whitney Houston's real estate bubble has definitely burst...no one is above the market.
well let's just hope this slows things down. like a good snow storm, i love that feeling - when everything just stops and you can breath. you take a deep breath, go to shovel the snow and you start talking to that neighbor who you never even new existed.
good news for existing home sellers bad news for homebuilders ...with new construction comming to a halt buyers will go looking to existing homes !
I don't think buyers will switch to existing homes. If someone wanted to buy new, they'd buy new. A builder would build if they had a customer. This is not going to chase anyone into buying existing. These stats just crystallize what's going on out there - nothing!
I've said it before and I will say it again, it is going to be a dull market for a while without a drastic massive price drop. The glut of new unfinished and finished homes that should never have been built, will drop slowly in price until they are sopped up. After that price stability.
Crazy as it may seem, if the price is above 3 million and it is not down the shore, it is still getting built...
New Jersey based real estate company Weichert, Realtors is using this downturn as an opportunity to grow its share of affiliate offices nationwide. Smaller independant firms are becoming Weichert Franchisee's in order to be more competetive in this tougher real estate market.
One such company is ours, Unum Realty in Kenosha, WI.
Our Kenosha, WI Real Estate firm has become an affiliate and as of December 1, 2006 we will be Weichert, Realtors - Unum Properties.
We hope to be the premiere provider of real estate services in the Kenosha area.
Ralph D. Nudi
Executive Vice President
Commercial Real Estate Sales
Weichert, Realtors - Unum Properties
Kenosha, WI
http://ralphnudi.com
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