U.S. housing starts, permits record lows

Old 02-18-2009, 11:26 AM
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Default U.S. housing starts, permits record lows

WASHINGTON, Feb 18 (Reuters) - U.S. housing starts and building permits dropped to record lows in January, data showed on Wednesday, as builders shelved construction plans to try to clear a glut of unsold houses caused by a slump in demand. ...

Housing starts tumbled 16.8 percent last month to an annual rate of 466,000 units, the lowest since the Commerce Department started keeping records in 1959. ...

Mish Shedlock, a global economic trend analyst was saying the housing bottom is 4 or 5-years away, not possible for it to be anything less then 2-years at the very best. Also saying the less the govt is involved, the faster the housing market can recover, and whatever will be left of the US economy will recover after that. But first, housing must reach a lower level where it is affordable without 30-year loans. Interesting analysis; he was saying we need to get to a point the average family can afford a house, a car, an education for their kids, and food, and then the economy will begin to grow. He agrees, it is not possible to salvage the economy we enjoyed yesterday. Those days are done, gone forever.
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Old 02-18-2009, 11:52 AM
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Default RE: U.S. housing starts, permits record lows

Things must be getting awfully quite in the local guberment plan review and permit offices, layoffs? hour reductions?

Going forward, I think there's going to be a fundamental change in housing size, location/commute distance and access to services.
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