November 17, 2006
-- by Dave Johnson
Housing construction plunged to the lowest level in more than six years in October as the nation's once-booming housing market slowed further.Dollar falls after talk of hedge fund trouble
The Commerce Department reported on Friday that construction of new single-family homes and apartments dropped to an annual rate of 1.486 million units last month, down a sharp 14.6 percent from the September level.
The decline, bigger than had been expected, was the largest percentage decline in 19 months and pushed total activity down to the lowest level since July 2000.
Housing Construction Plunges in October,
The report signaled that the months ahead could be equally bleak: The number of building permits that were issued fell for the ninth straight month, reaching its lowest level since 1997. Those figures, too, are seasonally adjusted.
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The housing crash is gathering steam. I just built a housing bubble multi-search engine on Blogger(thats how I found this site), and there seems to be plenty of news, blogs, and videos on the subject. I think there will be a snowball effect as more news generates more buyers pulling back and more homesellers going into panic mode.-housingbubblesearch.blogspot.com
Posted by: housewow at November 19, 2006 7:16 AM
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