Posted on 05/19/2009 6:00:41 AM PDT by 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.
(Excerpt) Read more at cnbc.com ...
There are stalled building projects all over Seattle....it’s amazing.
“Housing Starts, Permits Both Unexpectedly Lower”
Unexpectedly? What is this, humor?
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.
While I agree with your assertion I think it has to do with income they receive from said permits and subsequent inspections.
Keep talking about ‘green shoots’ and ‘glimmers of hope’ to get you back into the stock market and get the rest of your money.
This is unexpected? I expected it.
Why, raise taxes of course. You know, to "offset" the downturn in revenue.
Builders who speculated in Seattle should’ve gambled somewhere else. There are states where building continues at a fast clip... see North Carolina.
What genius invented that loop?
Think about what you just wrote....Great Socialist comment.
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.
“Unexpectedly” Lower
Really?
But...but...it was unexpectedly less unexpected than we expected, so this is a good thing! BUY BUY BUY!!!
“Analysts polled by Reuters ...”
Oh, them.
Only Michigan has a higher unemployment rate than Oregon.
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.
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.
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.
“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.”
We don’t need gov’t deciding what private business should do. Do you realize that this is what you just encouraged?
Are you advocating (more) government control of housing inventory?
Not *that* fast a clip. I’m in Nifongville (aka Durham) and while the economy in the Triangle isn’t nearly as bad as most other places, the job market here is still pretty craptacular and there aren’t nearly as many people coming in to take all these tech and biotech jobs...and a big chunk of those are foreigners on short-term visas. (My apartment complex near RTP is probably 40% Indian. Gotta love seeing street cricket games in the parking lot of the Lutheran church next door.)
The job market in IT is as bad as I’ve ever seen it in 22 years in the business. They may still be building houses here, but it’s way off the torrid pace of a few years ago.
}:-)4
The Commerce Department must not realize that things are worse because of Obama and the new Secretary of Commerce...
Housing starts are slow in my neck of the woods, at least according to a my realtor friend. He said sales of existing homes are up though. It makes sense because that 8k isn’t much when building a brand new house.
Folks, we ain't seen nuttin' yet....the LSM and the politicoho's are spin - spin - spinning. It's all the little tidbits like this plus what I see going on in my area.
The 'officials' are doing a major pee-pee dance trying to get the consumer to spend spend spend and go further in debt.
Lot's of people out of work with more huge layoffs coming soon to a town near you.
So, maybe the folks that still have some common sense and a little stuck back just aren't spending and ain't going to?
Here in central NC....crime is on a major upswing.
Immigration and internal migration are changing NC at a rapid rate.
Looks like Mary too is in on a manure pile noting that 2 high up NCSU 'officials' have stepped down....ya think the Hunt machine is still workin' or not? You get a 110% raise this year working an extra 5-6 hrs a week?
Isn’t Seatle in Washington State? Last I checked Portland was in Oregon
Eight years into the 1930's depression, FDR had unemployment at 17%. And every Democrat alive thinks those were good numbers (because they with served up with homey fireside chats with crackling firewood and the aroma of fresh-burning dollars).
"We have nothing for beer, but beer itself."
Guv Bev is on happy mood leveling pills these days as we are 6-7 billion in the budget hole now......NC use to be a real nice place back prior 1995 and really cool in in the '70's...now transplants have soiled the landscape and the goobermint.......of course the NC Legislature does really important stuff like banning smoking.
State and local goobs will not completely eliminate ineffective wasteful spending programs and that question is never asked in the news.
This is tough for the construction industry, but exactly what the rest of the country needs.
Unexpectedly? We’re in the middle of a massive collapsing asset bubble. What’s wrong with these people?!?!?
My thoughts exactly. What kind of moron is taken by surprise by news like this?
This country has a huge oversupply of housing units. What could possibly lead one to expect growth in new construction?
Unexpected by who? These peple obviously need some new forecasters.
Markets climb 3% on better than expected disaster.
“Only Michigan has a higher unemployment rate than Oregon.”
And we worked darn hard for that, mister!
Don’t forget that the unfinished properties are units that could quickly be converted into sellable inventory or that there are a number of potential sellers out there who would put their stuff up on tha market in a heartbeat if they could.
It’s a lot worse than the morons in the media would have you believe.
Yup. Boy, am I embarrassed.
I was in Seattle just after the World's Fair in 1962.
But, but, but - the recession is over! Obama has solved all problems, and The New Age is upon us! The stock market is going up again! It's End of the Business Cycle! We can start back on our national credit binge!
Disclosure: Long on Karl Denninger, short on Obama's Unicorn Party and the skittles that it produces...
Housing starts and permits are both at RECORD lows. The point of recognition that any recovery will be “L” shaped hasn’t been reached yet.
How can this be? My local newspaper tells me every day about “positive signs” for an “improved economy.”
As liberals so like to say: “WTF?”
Michigan has a collapsed auto industry and an entrenched lunatic Socialist government. What's Oregon's excuse? I would presume also an entrenched lunatic Socialist government?
The Obama “RECOVERY” is well underway.
That's right. In my area one housing development has been struggling-lot's of empty new homes/prices slashed. 3 miles away a new development opened last summer with 3-5 acre mini farms. All 16 lot's are sold except 2(crappy lot's left) and 7-8 homes are built or are being started.
Jennifer "Jenny Grabtax" Granholm is a LOT smarter than that stupid inbred trailer-trash cow, Sarah Palin.
I'll bet Granholm could have Alaska back to the Neolithic Period in three months if they turned her loose up there. ;-)
Disclosure: The city manager of my population 3,000 town makes more than Palin, TSITTC©
Just as someone was saying on another thread. Since housing sales were up, I guess the analysts figured housing starts would go up. But the housing sales that are being made are foreclosed properties that are selling at bargain basement prices. And those cheap prices aren’t going away anytime soon, there’s a glut of foreclosures that haven’t even hit the market yet.
I don’t even recognize NC anymore. It’s finished. I think we’re going to have to move north and take over a state like PA since so many of them and Jerseyites and New Yohkas have moved in down here. Not to mention the Hispanics.
Diversity is our strength, remember?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.