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Housing Starts, Building Permits Fall Again
Information for Buyers
Daily Real Estate News " September 20, 2006
Housing Starts, Building Permits Fall Again
U.S. housing starts fell 6 percent in August to a seasonally adjusted annual rate of 1.665 million, the lowest since April 2003, the Commerce Department estimated yesterday. Housing starts have fallen in six of the last seven months.
Building permits are also down, falling 2.3 percent to a seasonally adjusted rate of 1.722 million, the lowest since August 2002.
Some analysts see this as a rapid decline that puts the Federal Reserve’s soft landing scenario at risk. Others say the cooling is predictable. "We'll flatten out sooner rather than later," says Bob Walters, chief economist for Quicken Loans. "It's a buyers' market. When things become cheap, people will take action."
Source: Dow Jones Business News, Rex Nuttling (09/19/2006)
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