Skip to: Content
Skip to: Site Navigation
Skip to: Search

December 4, 2008 10:44:20 AM CST

Learn about Newser Points »

« Back to the grid | Next story »

Housing Permits at 10-Year Low

Posted Nov 20, 07 1:45 PM CST in Business 

(Newser) – Homebuilding permits fell for the fifth straight month in October to their lowest point since 1993, another signal that single-family home construction is drying up. Housing starts were unexpectedly up, but those were mostly work on condo projects. “All of us are ratcheting down our expectations for the bottom of the housing sector,” an economist told Bloomberg. “I don’t think we’re there yet.”

Construction permits dropped 6.6% to 1.17 million, and the number's not done falling. “Builders have too much inventory… and are likely to cut back further,” one economist said, predicting a spring or summer bottom. But another economist tells MarketWatch, "The bottom is not in sight."

Sources Bloomberg, MarketWatch

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • Treasury May Lower Mortgage Rates to 4.5%

    Dec 3, 08 4:36 PM CST
    Treasury May Lower Mortgage Rates to 4.5% The Treasury may try to bring new mortgage rates down to 4.5%—a full percentage point lower than current rates—to revitalize the housing market, the Wall Street Journal reports. Under the proposal, which is still in the early stages, the department would use Fannie Mae and Freddie Mac to lower the rates. The idea comes after months of struggling to hatch a plan to reduce foreclosures and stem falling prices without directly bailing out borrowers and lenders. More »

  • Retirement Communities Seek Younger Residents

    Dec 1, 08 12:15 PM CST
    Retirement Communities Seek Younger Residents A rash of vacancies caused by the ugly housing market has prompted many retirement communities to consider lowering, or even eliminating, age restrictions, the Wall Street Journal reports. Many of the communities enjoy lower taxes, and child- and teen-free living appeals to some seniors. But what's being call "age desegregation" may be necessary to keep these enclaves afloat during the economic downturn.
    More »

  • Stocks Keep Good Vibes Going

    Nov 25, 08 9:13 AM CST
    Stocks Keep Good Vibes Going Stocks continued to rise at the open this morning, with the Dow climbing more than 100 points and the S&P gaining 1.5%, as investors cheered the Treasury and Fed’s new program to boost consumer credit, the Wall Street Journal reports. The Nasdaq, however, was off slightly. The Dow has gained 10% during the past two sessions, its fastest 2-day climb since 1987. More »

  • Existing-Home Prices Take Record Dive

    Nov 24, 08 10:59 AM CST
    Existing-Home Prices Take Record Dive After a brief, unexpected rise in September, sales of existing homes plunged again in October, with the median price taking its biggest drop on record, the Wall Street Journal reports. Home resales fell 3.1% to a 4.98 million annual rate, from September’s revised 5.14 million pace. “Many potential home buyers appear to have withdrawn from the market,” said one economist, blaming economic conditions and the stock market's volatility. More »

  • Elderly Trapped in Houses That Won't Sell

    Nov 22, 08 6:19 AM CST
    Elderly Trapped in Houses That Won't Sell The collapse of the housing market has left many elderly people marooned in their own homes, the New York Times reports. Retirement communities require hefty down payments that many elderly were expecting to raise by selling their homes. With no buyers out there, frail people requiring daily care are stuck in houses too big—or treacherous—for them.
    More »

Sign placer Mark Garvin, left, loads new home advertising signs on the trailer, Sunday, April 15, 2007, in Las Vegas. Housing Starts were unexpectedly up this month, but permits were down. (AP Photo/Jae...   (Associated Press)
New home-building permits hit their lowest level since 1993 this month.   (Getty Images)
  (Getty Images)
Chart shows monthly housing starts for the past 13 months as of last month.   (Associated Press)
« Prev« Prev | Next »Next » Slideshow

Threads (
1
 of 1)

Tags

housing market • housing starts



Today's Most Popular

Loading...

Other Business Stories

What is Newser?

2008 Codie Finalist

Face it: there's too much news. At Newser a team of editors and writers culls the most important stories from hundreds of U.S. and international sources and reduces them to a headline, picture, and two paragraphs. It's the Newser guarantee: we can take any report or column or video and pack what you need to know into 120 words or less. Newser's short-form aggregation, visual format, and unique information tools help you get more of the kind of news you want, in a quicker and more entertaining way. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »