Where is the Bottom???
I never know what to make of things like this..... we're not really looking at new construction anymore, so it doesn't directly impact our house hunt... facts like this make the market even more skittish though. THEN, I read something like this, that gives the opposite viewpoint - who the heck knows!!!
U.S. March housing starts down 11.9% to 947,000
Last update: 8:30 a.m. EDT April 16, 2008
WASHINGTON (MarketWatch) - New construction of U.S. houses plunged to the lowest level in 17 years in March, the Commerce Department estimated Wednesday. Starts fell 11.9% in March to a seasonally adjusted 947,000 annualized units weaker than the 988,000 pace expected by economists surveyed by MarketWatch. This is the lowest level of starts since March 1991. Starts are dpwn 36.5% year-on-year. Starts of new single-family homes fell by 5.7% to 680,000 in March, while starts of large apartment units fell 24.6% to 267,000. Building permits, a leading indicator of housing construction, fell 5.8% to a seasonally adjusted annual rate of 927,000. This is the lowest level of permits since April 1991.
