Filed under: Forecasts, Bad news, Economic data, Housing, Recession
U.S. housing starts decreased 6.3% in September – the U.S. Commerce Department announced Friday, as builders attempted to reduce supply amid the nation’s worst housing slump in more than a generation. (pdf)
Housing starts fell to an 817,000 annual rate in September, the U.S. Commerce Department announced. It was the lowest housing start pace in 17 years. (pdf)
Economists surveyed by Bloomberg News had expected housing starts to total an 880,000 annualized rate in September. Housing starts for August were revised lower to 872,000 from 895,000.
Over the past four months, housing starts have averaged a 932,000 annual pace, down from 973,000 for the four months ending in August.
Further, single family home starts fell 12% to a 544,000 annualized rate in September, their lowest level in 16 years.
Also, building permits declined 8.3% in September to a 786,000 annualized rate — a 27-year low.
In addition, housing starts are down 31.1% in the past year, single-family starts are down 42%.
Continue reading Housing starts fall 6% in September to 17-year low
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