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Housing Starts Fall to Lowest Level in 18 Months

By John Mulkey

Services for Real Estate Pros with TheHousingGuru.com

November 17, 2010 12:57 AM

Housing Starts Fall to Lowest Level in 18 Months

Construction of new homes fell to an annualized rate of 519,000 in October, well below expectations, indicating a continued lack of confidence by home builders. In addition, October foreclosure inventory rose by 5.2% over that of a year ago. These numbers reflect the weakened condition of housing and with expectations of further price declines, the market shows no sign of recovery.

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ASHEVILLE REALTY REFERRAL RESOURCE 828-776-0779

REAL ESTATE REFERRAL NETWORK - Asheville, NC

CONTACT janeAnne365@gmail.com

John~

My clients here in Asheville and I have been "noodling" this subject. ..and are encouraged with one avenue of support during challenging times...and that is the ability to connect, in a meaningful way, with others via Active Rain and other online reosurces. Maybe our vices, combined, can create a positive energy for change with compassion.........

Nov 17, 2010 01:06 AM

John Mulkey

TheHousingGuru.com - Waleska, GA

Housing Guru

janeAnne - I do believe that much good will evolve from the recession and housing crisis, not the least of which will be a serious effort towards more sustainable construction.

Nov 17, 2010 01:18 AM

Jon Budish

Resident Realty - Fort Collins, CO

The news is no surprise to any of us paying attention to the housing market. Until the banks find a way to keep homeowners in their homes, and unemployment improves significantly, there won't be improvement in housing.

Nov 17, 2010 01:41 AM

Jon - The banks have a way to keep homeowners in their homes, but they seem to prefer foreclosure. And we can forget unemployment declining to 2007 levels in the foreseeable future. Both these problems will continue to plague housing and the economy for years.

Nov 17, 2010 01:52 AM

Carla Muss-Jacobs, RETIRED

RETIRED / State License is Inactive - Portland, OR

Hmmmm . . . and I've read (from some AR bloggers) that we're in recovery. HA HA HA

Nov 17, 2010 06:55 AM

Carla - Not in my neighborhood!

Nov 17, 2010 11:29 AM

Barbara Heil-Sonneck

Design2Sell - Atlanta, GA

Home Staging Atlanta

Hi John, even so the Home Builders released a bit of an optimistic note this week, nothing we see here so far...

Hope to see you at Atlanta Rain Camp!

Nov 18, 2010 01:23 AM

Hi Barbara - The market is sending some mixed signals; we probably won't get a good reading until the new year. Hope it's a great one for you!

Nov 18, 2010 07:40 AM

Kate Kate

San Diego, CA

Hi John, I checked out your other Guru site. It is looking Grrreat!

Construction projects here are few and far between, residential and commercial. I think the outdoor mall at Red Rock is on hold considering completion date was estimated for 2008. :) I think it gets worked on just enough to keep the loan from being called due.

Nov 18, 2010 12:10 PM

Kate - Thanks! We have lots of projects on hold in metro Atlanta.

Nov 18, 2010 10:45 PM

Jay Markanich

Jay Markanich Real Estate Inspections, LLC - Bristow, VA

Home Inspector - servicing all Northern Virginia

Not that I needed the gubment to tell me that! I CAN tell you there are few starts. And many vacant lots in new developments around here without any holes dug.

Nov 19, 2010 08:47 AM

Jay - In my area we have several "green pipe farms" with nothing but the sewer tap sticking up--no houses.

Nov 19, 2010 10:31 AM

Lois Davies

Century 21 Birchwood Realty, Inc. - Cape Coral, FL

Cape Coral & SW Florida

I am surprised to see construction happening around here, not a lot but some. I think some of the homes have been sitting for so long down here in heat and humidity, without electricity, that they are not saleable any longer. What ever the reason I am glad to see some construction going on.

Nov 21, 2010 11:47 AM

Housing Starts Fall to Lowest Level in 18 Months

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