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Home Construction Drops to a Record Low - Massachusetts Blog
The nation's home builders are experiencing their worst nightmare. 
This week the Commerce Department reported that construction of new homes dropped 16.8 percent last month to a seasonally adjusted annual rate of 466,000.  Well below the 530,000 units economist had expected.  This was the slowest pace on records dating back a half a century. 
Otherwise stated, housing starts are now 56.2% below the annual pace from the January 2008 market. 
This is unfortunate news for home builders; however, in an environment with 11 months plus of inventory to sell, it is probably good for the housing market.  With the glut of foreclosures and other unsold homes, we need to clear out what is already here before building more houses that will be left empty and idle. 
Here, in the Northeast, construction has dropped 42.9 percent to a record low of 36,000 units at an annual rate. 
Applications for building permits have also dropped to a record low, falling 4.8% to a rate of 521,000 units which was below economists' expectations. 
These numbers were released just as the current administration is polishing the details on its foreclosure rescue plan in hopes to provide comfort to an ailing housing market.  As we all ... more

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