Housing Starts, Permits Both Unexpectedly Lower

CNBC online ^ | May 19, 2009

[pleikumud]

The Commerce Department said housing starts fell 12.8 percent to a seasonally adjusted annual rate of 458,000 units, the lowest on records dating back to January 1959, from March's upwardly revised 525,000 units.

Compared to the same period last year, housing starts tumbled 54.2 percent.

[pleikumud]

Unemployment is headed for 15%. Then what will Obama and the Socialists do? Print more money?

[Psycho_Bunny]

There are stalled building projects all over Seattle....it’s amazing.

[caver]

“Housing Starts, Permits Both Unexpectedly Lower”

Unexpectedly? What is this, humor?

[pnh102]

I don’t see why local governments are handing out any permits to build new structures when the market is currently saturated with unsold inventory.

[TSgt]

While I agree with your assertion I think it has to do with income they receive from said permits and subsequent inspections.

[TigerLikesRooster]

I heard yesterday or the day before that housing starts are up. What happened?

[blam]

Keep talking about ‘green shoots’ and ‘glimmers of hope’ to get you back into the stock market and get the rest of your money.

[KansasGirl]

This is unexpected? I expected it.

[unixfox]

Then what will Obama and the Socialists do? Print more money?

Why, raise taxes of course. You know, to "offset" the downturn in revenue.

[o2bfree]

Builders who speculated in Seattle should’ve gambled somewhere else. There are states where building continues at a fast clip... see North Carolina.

[Carry_Okie]

If you "stress test" the banks and force ever higher reserve requirements, they can't loan any money. Construction dies. Layoffs ensue. People fail to make payments. Foreclosures deepen. Banks are forced to raise reserves...

What genius invented that loop?

[captnorb]

Think about what you just wrote....Great Socialist comment.

[GOPJ]

The nice thing is the MSM will put the best spin possible on the news... they’ll do what they can to protect the illusions of liberals.

[Altura Ct.]

“Unexpectedly” Lower

Really?

[blam]

Europe Shares Pare Gains After US Housing Data

[perfect_rovian_storm]

But...but...it was unexpectedly less unexpected than we expected, so this is a good thing! BUY BUY BUY!!!

[maggief]

“Analysts polled by Reuters ...”

Oh, them.

[blam]

"There are stalled building projects all over Seattle....it’s amazing."

Only Michigan has a higher unemployment rate than Oregon.

[Atlas Sneezed]

I don’t see why local governments are handing out any permits to build new structures when the market is currently saturated with unsold inventory.

---

Because property rights aren’t extinguished in a downturn.

If I want to build my dream home on a lot I own, I can. I don’t have to buy the overpriced crap out there on the market.

[HamiltonJay]

There is NOTHING unexpected about this... the only major people buying right now are FIRST TIME HOME BUYERS.. there is a glut of existing homes, the nation is seeing double digit unemployment or close too it in most places.... Builders are sitting on unsold inventory, etc etc etc. Even those that could move are holding tight where they are because of the uncertainty. Anyone shocked by a drop in housing starts has been blind as a bat.