Housing Starts at 12-Year Low
Housing Starts at 12-Year Low
Housing starts and permits for new homes fell to their lowest level in 12 years in August, as the problems in the mortgage and real estate markets caused builders to slam the brakes on new construction. Permits, which are taken as a sign of builders' confidence in the market, fell to an annual rate of 1.31 million from 1.39 million in July. Economists had been looking for that number to fall to a 1.34 million rate.
The pace of building for single family homes fell even more sharply, falling 7 percent to an annual rate of only 988,000, a 14-year low. Permits for single-family homes fell 8 percent to 926,000.
The downturn in housing and construction and turmoil in the credit markets were two of the reasons cited by the Federal Reserve when it cut its targeted interest rate for the first time in four years on September 18th. The slump in housing and home building has been a drag on the U.S. economy for more than a year, and there are growing fears the building slump could help tip the nation into a recession later this year.
What do you think? Are we on the brink of a recession? Are we already in one? Was the Fed's move to lower interest rates too little too late? We'd love to hear your opinion. Just click the comment link below and tell us what you think.
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