Housing Starts Drop to Lowest Level In Eight Months

housing market

U.S. housing Starts were down 5.8 percent from the same month last year, while permits decreased 2.3 percent.

Construction of single-family houses fell 0.7 percent to a 454,000 rate, a 13-month low, after the prior month’s 19 percent slump.

Work on multifamily homes, such as townhouses and apartment buildings, decreased 22 percent to an annual rate of 95,000.

Plus, Homebuilders are seeing slowing orders. One national home builder reported that their home sales were running 20 percent to 25 percent lower last month than a year earlier as the expiration of the tax credit sapped demand.

If readers think the above is just an isolated anomaly, I would suggest you read my 7-7-10 article on our current real estate double dip.