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Wednesday, November 19, 2008

U.S.: Housing starts lowest since 1950s

"Construction starts on housing fell 4.5 percent in October, less than economists forecast, to an annual rate of 791,000 that was the lowest since records began in 1959, the Commerce Department said in Washington.  Building permits, a sign of future residential projects, dropped 12 percent to a 708,000 pace, the lowest since at least 1960," reports Bloomberg News here. Government housing data release here.

"Builders mired in a three-year housing slump are finding it hard to attract buyers as property values drop and banks tighten lending standards. Declines in construction spending remain a drag on economic growth, increasing chances of a prolonged recession."
Posted by Joseph N. DiStefano @ 10:03 AM  Permalink | 3 comments
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  • Comment removed.
  • 0 like this / 0 don't   •   Posted 1:43 PM, 11/19/2008
    Ramses, I think you see this pretty clearly. Analyst Meredith Whitney at Oppenheimer Securities said earlier this fall that home prices are down 20-30 pct nationwide, to what would have been historical levels without the recent housing boom; she predicted they will fall just as much more before the market starts to recover. Too bad a lot of construction workers, people who have to move, and others will suffer for a situation they didn't create.
    — distefj
  • 0 like this / 0 don't   •   Posted 4:44 PM, 11/19/2008
    Ramses, lowering housing prices across the board by 50-75%, and allowing "everyone to get a piece of the pie" may sound noble, but what about home owners who would like to put up their valuable home for sale? It penalizes them for being homeowners for the sake of being homeowners. Socialism is a terrible, terrible idealogy, and you are pushing for it at its core.
    — nmphtmne


3 comments
About Joseph N. DiStefano
Joseph N. DiStefano writes this blog to feed his PhillyDeals column in the Philadelphia Inquirer. Joe has been a member of Bloomberg LP’s New York Finance Team, wrote the book “Comcasted,” taught writing at St. Joseph’s University, and studied economics and history at Penn. Reach Joe at 215-854-5194 and JoeD@phillynews.com
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