25 June 2018

US housing starts fall to 17-1/2 year low

18 October 08 - RE+D Magazine
US housing starts fall to 17-1/2 year low



Construction starts on U.S. homes fell to a new 17-1/2 year low in September as builders scaled back amid a worsening housing slump and growing turmoil in financial markets that also helped pushed permits for new homes to a nearly 27-year low. The Commerce Department that starts on new homes fell 6.3 percent to a seasonally adjusted annual rate 817,000 units, their slowest pace since January 1991. This was well below the 880,000 rate that Wall Street economists had expected. In September, new applications for building permits fell 8.3 percent to an annual rate of 786,000. This was the weakest rate for permits since November 1981, and was below forecasts for an 850,000-unit rate. The rate of new permits was in September was 38.4 percent below that of September 2007, while total housing starts for the month showed a 31.1% year-on-year drop.



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