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Daily Real Estate News | September 20, 2007
Housing Starts Fall to 12-Year Low
Housing starts fell 2.6 percent in August to a seasonally adjusted annual rate of 1.33 million homes – a 12-year low, according the U.S. Commerce Department.
Starts on single-family units last month were at the lowest point since March 1993. Permits for new construction, which signals the market’s direction in the coming months, fell 5,9 percent to 1.31 million units.
"As miserable as the downturn has been, it is likely to take a turn for the worse over the second half of the year because of the recent turmoil in financial markets," Global Insight economist Patrick Newport said in a note to clients.
Other observers agreed: “The worst is yet to come," said Democratic Sen. Charles E. Schumer, chairman of the Joint Economic Committee, during a hearing on foreclosures Wednesday.
Source: Washington Post, Nancy Trejos (09/20/2007)
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