ScottR
Chief Bottle Washer
Joined: Feb 11, 2006
Posts: 292
|
 Posted: Wed Jul 21, 2010 12:05 pm Post subject: Single-Family Home Starts Edge Down |
 |
|
| Quote: | Tuesday, the Commerce Department reported that single-family home starts fell 0.7 percent in June, following still larger declines in both May and April, to a seasonally adjusted annual rate of 454,000.
Including multi-family housing, the government projects there will be 549,000 new units built in 2010, a 5 percent decline from last year.
At the height of the boom in 2006, builders started 1.47 million single-family homes. "We're hovering at post-World War II lows," says Ivy Zelman, president of Zelman & Associates, a research firm.
Joblessness is dragging down housing, says Patrick Newport, an economist with HIS Global Insight. Without job growth, the housing market won’t improve, he says.
The slowdown is pushing up inventories, with California leading the way. For instance, inventories were up 33 percent in San Diego, according to data compiled by John Burns Real Estate Consulting.
Source: The Wall Street Journal, Nick Timiraos and Robbie Whelan (07/20/2010) |
|
|
Forum FAQ
Search
Usergroups
Profile
Log in to check your private messages
Log in
