23
Jan
New Housing Starts Plummet
The Commerce Department reported yesterday that new housing starts fell in December to the lowest levels since the government started compiling statistics in 1959.
Ryan Sweet, an economist at Moody’s said: “Homebuilders have no choice, the market is bloated with excess supply and demand is weak. The pace of housing starts will remain depressed until 2011.”
President Obama it's said, intends to use between $50 billion and $100 billion of the remaining half of the $700 billion bank bailout fund to address foreclosures and bring stability to the housing market. San Diego housing