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October 17, 2007

Housing Slump Worsens — Again Economy

A sampling of today's housing news...

WSJ:

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.

Forbes:

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.

Times (UK):

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.

Ouch.

Posted by Jonathan at October 17, 2007 12:49 PM  del.icio.us digg NewsVine Reddit YahooMyWeb

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