Great News! Housing Starts and Permits Plummet!

Housing starts fell 0.6% in February and permits for new construction plunged 7.8% to the lowest level in 16 years. The housing report showed February starts were 28.4% less than the level of February 2007.

Given that the enormous overhang in inventory is a huge part of the problem, this is, perversely good news.

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New Home Starts
Starts_31808

Building Permits

Starts_31808_2

Continuing to add to the supply in this environment would be sheer madness.

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Source:
Housing Starts – Single-Family Units Post Largest Cyclical Decline on Record
Asha G. Bangalore
Northern Trust
http://tinyurl.com/3xlfw8

Housing Starts Slip While Permits Drop Sharply
JEFF BATER and BRIAN BLACKSTONE
WSJ, March 19, 2008; Page A2
http://online.wsj.com/article/SB120584297980744915.html

Category: Data Analysis, Real Estate

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Stephan Colbert on the Economy:


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I talked to guy about 300 feet ago . . .

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