[Free Vulcan]

This is one butt ugly report. When combined with yesterday's home builders report it looks like the single family market is dead and getting revised downward on a monthly basis.

The only bright spot is apartment units, if you can call that a bright spot.

[ken21]

wow.

[central_va]

Wait till the "establishment" starts bulldozing vacant homes. That will make starts go up.

The ultimate solution:

[HereInTheHeartland]

“Starts fell to a seasonally adjusted annual rate of 604,000, down from a downwardly revised 613,000 rate in June, the Commerce Department said.

Economists polled by MarketWatch had anticipated an annualized rate of 600,000 for”

The numbers were better than what was expected.

[Huck]

I'm sure commercial real estate is equally bad. This should be a surprise to no one. We've got a massive oversupply of homes. We've got a banking crisis. And we've got a recession at least as bad as '74 and '82, if not worse. How exactly is the housing supposed to suddenly rebound under those conditions?

I am no expert, but I think our economy relied too much on housing, housing starts, new construction. It's just another form of debt-based consumption. Sure, everyone needs a home. But you can't base an economy on that. We need to produce exports, it seems to me, or we will stagnate as we are now. And people need to go on credit detox. That debt unwinding means a long, slow recovery.

[DJ MacWoW]

47 Days And FR Is Still Short Of Its Goal
We Are In A Fight For Our Republic

Are You In Or Are You Out?

Support Free Republic