October 17, 2007
|Housing Slump Worsens — Again||Economy|
A sampling of today's housing news...
The confidence of U.S. home builders has been shaken to its lowest point since records began 22 years ago, a housing trade group said Tuesday.
The Commerce Department said Wednesday that new home construction fell to its lowest rate in 14 years last month. Housing starts dropped 10.2% to an annual rate of 1.191 million in September. Economists expected a rate of 1.285 million.
Compared to September last year, the number of building permit applications - an indication of future activity in the US housing market - plummeted by 30.8 per cent and fell 7.3 per cent below August. [...]
Building permits fell 7.3 per cent, the sharpest decline since January 1995, to an annual rate of 1.226 million and 30.8 per cent below last year.