Wednesday, October 17, 2007

Housing stats tumble to a 14-year low

This MSNBC story shouldn't surprise anyone;

WASHINGTON - Construction of new homes plunged by a bigger-than-expected amount in September, reflecting the deepening troubles in housing.

The Commerce Department reported on Wednesday that housing construction fell by 10.2 percent last month to a seasonally adjusted annual rate of 1.191 million units, the lowest level in more than 14 years. Applications for building permits, considered a good sign for future activity, also fell sharply in September, dropping by 7.3 percent to 1.226 million units.

What this shows is that the housing market is in a major slump, and will probably remain in this slump for at least the next couple of years or longer.

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