Posted on 11/18/2009 9:24:48 AM PST by Chet 99
U.S. Home Building Unexpectedly Slumps in October
By JAVIER C. HERNANDEZ
New home construction slowed unexpectedly in October to the lowest level in six months, the Commerce Department said Wednesday, resurrecting fears that the housing market may be slow to recover.
A separate report showed consumer prices inched upward in October, but not enough to make inflation a concern even as the dollar weakens and interest rates remain at historic lows.
The data on home construction showed a decline in the rate of single- and multiple-family homebuilding, contributing to an overall decrease of 10.6 percent in housing starts from September. In total, construction was at a seasonally adjusted annual rate of 529,000 housing units in October, falling short of the 590,000 predicted by analysts. Building permits, an indicator of future construction, declined as well, to an annual rate of 552,000 from 575,000, also falling short of forecasts.
Apartment construction slowed to a historic low, dipping to a seasonally adjusted annual rate of 53,000 in October. Analysts attributed the decrease to the reluctance of banks to finance large construction projects and lackluster demand for rentals as vacancies remained abundant.
(Excerpt) Read more at nytimes.com ...
There’s that word again: UNEXPECTEDLY....
hh
I can’t say anything about the “home building” part of this story, but I can say that I saw the “unexpectedly” part coming a mile away.
There’s that word! Been almost a month since the unexpected has happened in the news!
Foreclosures and delinquencies continue to rise.
“Unexpectedly..”
Funny...bad economic news always seems to come as a surpise to these people.
NExt week there will be a story TOTALLY contradicting this one saying home sales are up and the economy is rebounding.
Bad economic news is always unexpected when a democrat is in power. When republicans are in, it is always accompanied by a picture of some poor hungry person, usually with homeless children.
I’ve been telling the libs I know constantly that economy is getting worse, and the government is doing all the wrong things. They seem constantly surprised.
Obama also likes the word BOLD.....
.....Obama, "UNEXPECTEDLY" going where where no man has BOLDLY gone before.
Here’s last month’s headline:
New home sales unexpectedly tumble in September
Wed Oct 28 2009 07:55:22 GMT-0700 (Pacific Daylight Time) · by traumer · 46 replies · 1,148+ views
Reuters ^
WASHINGTON (Reuters) - Sales of newly built U.S. single-family homes unexpectedly tumbled 3.6 percent in September in their first drop since March, but the inventory of new homes available at the end of the month shrank to the smallest in 27 years, government data showed on Wednesday. September single-family home sales totaled 402,000 units at an annual pace. Analysts polled by Reuters had expected new home sales to rise to a 440,000 unit annual pace from a revised 417,000 units in August, which was originally reported as 429,000 units. The median sales price rose in September to $204,800 from $199,900,...
Gee, and I thought they were the “smart” ones...isn’t that what they keep telling us? That they’re the intellectual ones, and people like us - and Sarah Palin - are stupid and “a joke”?
Too bad the street sign for the other road doesn’t read POTUS 44!
To say these things are unexpected is to say that you are clueless.
I think at this point we’ve come to expect the unexpected from this crew.
Shocking/s
The Bush bubble created enough houses for a decade.
That Data will come from the Congressional Districts that do not exist.
Why do we need to build more apartments when supply obviously exceeds demand? Local governments could help with stringent code enforcement, thus shutting down aged and decrepit complexes.
In the area that I live (Irving/Las Colinas TX), there are dozens of new office/commercial buildings that are vacant. The Citi campus is turning into a ghost town.
haha
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