Grim Assessment For Housing Starts-Nationwide!
Housing starts are down 0.5% from where they were in September. The seasonally adjusted annual rate was 590,000 in September, but this amount dropped to 587,000 in October. That means that housing starts are down 28.2% from September 2008.
Single family homes that were new construction had increased sales of 3.9%, from 482,000 units sold July to 501,000 units sold in August. According to the Commerce Department housing starts fell 1.7% across the nation and new home sales were flat as well. Only 62,000 units were sold in the northeast, and the midwest only saw 100,000 units sell.
Multi-unit properties such as 2-4 unit apartment buildings, have seen an uptick in sales over the last quarter, and commercial properties increased over 7.2% from August to September. Some experts are expecting to see a very slow recovery and for construction permits to rise over the coming months. How will this information affect the average home buyer or investor. Will we see more sales but at reduced prices? Well, time will tell!
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