Friday, October 17, 2008

Housing Starts at Slowest Pace Since 1991

An important factor in clearing out the huge supply of homes on the market is for builders to slow building. This is occurring.

The Commerce Department reports that construction of new homes and apartments dropped 6.3 percent last month. It pushed total production to an annual rate of 817,000 units SA. That’s the slowest pace since January 1991.

The declines last month reflected weakness in many parts of the country. It was led by a 20.9 percent drop in the Northeast, where construction of single-family units dropped to the lowest level on record.

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