WASHINGTON (MarketWatch) - 8:30
Construction on new U.S. housing units plunged 16.8% in January to a seasonally adjusted annual rate of 466,000, the Commerce Department reported Wednesday, far below the weakest levels of the post-World War II era. Housing starts have dropped at double-digit rates for three straight months. At this rate, starts would fall to zero by the end of the year. Starts are down a record 56% in the past year and are down 79% from the peak three years ago. Housing starts in January were much worse than expected. Building permits, less volatile than the housing starts data, fell 4.8% to a seasonally adjusted annual rate of 521,000, also a record low.
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More signs of the times. Don't expect the picture to get brighter. We have not seen the low yet for housing.
Barlow
Wednesday, February 18, 2009
Housing Starts Plunge almost 17%
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Today Bank of American came out and said that they were seeing the 30-year mortgage rate at 4.25% by end of 2009. Good for buyers and refinance. But I couldn't help but thinking how much worse can the housing market be.
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