Housing Construction Plunges
WASHINGTON — Housing construction plunged to the lowest level in nearly a decade last month as the housing industry continued to struggle with a severe slowdown.
Meanwhile, wholesale prices dropped by 0.6 percent in January, the biggest amount in three months, providing fresh evidence that inflation pressures are easing.
Construction of new homes and apartments plunged by 14.3 percent in January, pushing total activity down to a seasonally adjusted annual rate of 1.408 million units, the Commerce Department reported Friday. Construction starts were up only in the Northeast, a gain of 8.9 percent.
full article...
Meanwhile, wholesale prices dropped by 0.6 percent in January, the biggest amount in three months, providing fresh evidence that inflation pressures are easing.
Construction of new homes and apartments plunged by 14.3 percent in January, pushing total activity down to a seasonally adjusted annual rate of 1.408 million units, the Commerce Department reported Friday. Construction starts were up only in the Northeast, a gain of 8.9 percent.
full article...
posted by Little_Silvered at 10:16 AM
5 Comments:
Not to worry. They'll spin it as the sign of a bottom and a positive. Thank you for reporting this story. Now let's wait for the inevitable bull**** from the mainstream press-- the same people that have accepted the NAR's $40m ad campaign dollars.
Mark Zandi, chief economist at Moody's Economy.com, said he looked for prices to continue falling.
"This market will not find a bottom until this inventory is worked off and the only way for that to occur is through further price declines," he said.
Mr. Zandi has been right for a long time. Even though many sources are trying to spin this story, Zandi has been right on the bulls eye for the past year or so.
Sellers’ market in sight?
Posted by the Asbury Park Press on 02/18/07
“Fourth-quarter numbers compiled by the Otteau Valuation Group for Monmouth and Ocean counties were even worse than those provided by the Realtors association. In Monmouth County, the median price of a home fell 7 percent, from $445,000 to $416,750. The median home price dipped 6 percent in Ocean County, from $340,000 to $320,000.”
http://www.app.com/apps/pbcs.dll/article?AID=/20070218/OPINION/702180477
pass this around …
Subprime Bust videos !!!
Toll Brothers Posts 67% Profit Drop
Post a Comment
<< Home