Author Topic: Housing construction falls to 17-year low  (Read 1429 times)

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Offline Wretched Excess

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Housing construction falls to 17-year low
« on: September 17, 2008, 07:46:45 AM »

well, duh.  think it may be the glutted housing market?  but at least we are doomed again.  I
was beginning to feel undoomed.

Quote
Housing construction falls to 17-year low
Data illustrate country still in grips of severe housing downturn

WASHINGTON - Government data show construction of new homes and apartments fell by a larger-than-expected amount in August, pushing activity to the lowest level in 17 years.

The data illustrate the country remains in the grips of a severe housing downturn that has triggered billions of dollars of losses and is reshaping the structure of U.S. finance.

The Commerce Department reported Wednesday that housing construction dropped 6.2 percent last month to a seasonally adjusted annual rate of 895,000 units. That’s the slowest building pace since January 1991, another period when housing was going through a painful correction.

The decline is larger than the 1.6 percent drop analysts expected and showed weakness in all the country except the West.

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Offline Wineslob

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Re: Housing construction falls to 17-year low
« Reply #1 on: September 17, 2008, 02:50:08 PM »
Well, if the goverment would get their paws out of the loan mess, we just might have a buyers market like we've never seen before.
This spring will tell.
“The national budget must be balanced. The public debt must be reduced; the arrogance of the authorities must be moderated and controlled. Payments to foreign governments must be reduced, if the nation doesn't want to go bankrupt. People must again learn to work, instead of living on public assistance.”

        -- Marcus Tullius Cicero, 55 BC (106-43 BC)

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Offline Chris_

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Re: Housing construction falls to 17-year low
« Reply #2 on: September 17, 2008, 02:57:10 PM »
This, too shall pass.

The fact the left is making political hay out of this shows just how low they are.  And we should point out that the economic malaise started in 2004, when the democratic party took over congress.

McCain/Palin need to hit that message HARD.
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Offline Jim

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Re: Housing construction falls to 17-year low
« Reply #3 on: September 17, 2008, 09:32:14 PM »
every cloud has a silver lining, illegals are going home due to no work !
My fellow Americans, there is nothing audacious about hope. Hope is what makes people buy lottery tickets instead of paying the bills. Hope is for the old gals feeding the slots in Atlantic City. It destroys the inner-city kid who quits school because he hopes he'll be a world-famous recording artist.

What's the difference between Sarah Palin and Barack Obama?

One is a well turned-out, good-looking, and let's be honest, pretty sexy piece of eye-candy.

The other kills her own food.

Offline Woody

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Re: Housing construction falls to 17-year low
« Reply #4 on: September 18, 2008, 10:43:13 AM »
So let me get this straight...

The theory of supply and demand actually works? 

Who'da thunk it?  (Maybe the guy who wrote the book on it the same year this country was founded?)
Those who see their lives as spoiled and wasted crave equality and fraternity more than they do freedom. If they clamor for freedom, it is but freedom to establish equality and uniformity. The passion for equality is partly a passion for anonymity: to be one thread of the many which make up a tunic; one thread not distinguishable from the others. No one can then point us out, measure us against others and expose our inferiority.
-Eric Hoffer, "The True Believer", 1951

Offline Wretched Excess

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Re: Housing construction falls to 17-year low
« Reply #5 on: September 18, 2008, 10:47:39 AM »
So let me get this straight...

The theory of supply and demand actually works? 

Who'da thunk it?  (Maybe the guy who wrote the book on it the same year this country was founded?)

totally.cool.

any new member that cites adam smith in his first few posts instantly cashes in on the high-5 pseudo-rewards system. :-)

« Last Edit: September 18, 2008, 10:49:16 AM by Wretched Excess »

Offline Woody

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Re: Housing construction falls to 17-year low
« Reply #6 on: September 18, 2008, 11:12:18 AM »
Thank you very much.  :cheersmate:

I'd like to thank my BA in Economics.  As I see it, the last 200+ years of economic theory since Adam Smith have been nothing more than refining and extending his original insights. 
Those who see their lives as spoiled and wasted crave equality and fraternity more than they do freedom. If they clamor for freedom, it is but freedom to establish equality and uniformity. The passion for equality is partly a passion for anonymity: to be one thread of the many which make up a tunic; one thread not distinguishable from the others. No one can then point us out, measure us against others and expose our inferiority.
-Eric Hoffer, "The True Believer", 1951