Housing Starts May Drop to 14-Year Low

[Harry Hope]

http://www.bloomberg.com/apps/news?pid=20601103&sid=acK.D3z5K7rA&refer=us

Housing Starts May Drop to 14-Year Low: U.S. Economy Preview

By Bob Willis

Nov. 18 (Bloomberg) --

Housing starts in the U.S. fell to a 14-year low in October, signaling
the real-estate slump will continue to weigh on growth, economists
said before a report this week.

Construction fell 1.8 percent to an annual rate of 1.17 million homes,
according to the median forecast of economists surveyed by Bloomberg
News before a Commerce Department report on Nov. 20.

Building permits, an indicator of future activity, fell 2.1 percent to
a 1.2 million pace, economists forecast.

Sales are dropping and inventories are growing as the collapse in
subprime lending and the prospect of further declines in property
values scare away buyers.

Tumbling residential construction will weaken the economy into 2008.

``The housing recession looks far from over,'' said Michelle Meyer, an
economist at Lehman Brothers Holdings Inc. in New York.

``Builders continue to cut construction aggressively.''

A Nov. 19 report will reinforce the view that prospects for the
housing market are worsening.

__________________________________________

Harry

 

[Steven L.]

Harry Hope wrote:
> http://www.bloomberg.com/apps/news?pid=20601103&sid=acK.D3z5K7rA&refer=us
>
> Housing Starts May Drop to 14-Year Low: U.S. Economy Preview
>
> By Bob Willis
>
> Nov. 18 (Bloomberg) --
>
> Housing starts in the U.S. fell to a 14-year low in October, signaling
> the real-estate slump will continue to weigh on growth, economists
> said before a report this week.

Yes, this is a good time for buyers to pick up some bargains.

You can build a dynasty out of buying up foreclosures and flipping them
in a few years after this lending crisis has eased.


--
Steven L.
Email: sdlitvin@earthlinkNOSPAM.net
Remove the NOSPAM before replying to me.

 

[timeOday]

Steven L. wrote:

>
> Yes, this is a good time for buyers to pick up some bargains.
>
> You can build a dynasty out of buying up foreclosures and flipping them
> in a few years after this lending crisis has eased.
>

Just because prices have fallen a few percent from the heights of the
bubble doesn't mean they're a bargain. Prices are still double what
they were 5 years ago in many places.

 

[Steven L.]

timeOday wrote:
> Steven L. wrote:
>
>> Yes, this is a good time for buyers to pick up some bargains.
>>
>> You can build a dynasty out of buying up foreclosures and flipping them
>> in a few years after this lending crisis has eased.
>>
>
> Just because prices have fallen a few percent from the heights of the
> bubble doesn't mean they're a bargain. Prices are still double what
> they were 5 years ago in many places.

Read my post again.

I said "foreclosures."

Banks don't like to own property and they are eager for almost any deal.


--
Steven L.
Email: sdlitvin@earthlinkNOSPAM.net
Remove the NOSPAM before replying to me.

 

[wbyeats@ireland.com]

On Sun, 18 Nov 2007 19:04:39 -0500, "Steven L."
<sdlitvin@earthlink.net> wrote:

>timeOday wrote:
>> Steven L. wrote:
>>
>>> Yes, this is a good time for buyers to pick up some bargains.
>>>
>>> You can build a dynasty out of buying up foreclosures and flipping them
>>> in a few years after this lending crisis has eased.
>>>
>>
>> Just because prices have fallen a few percent from the heights of the
>> bubble doesn't mean they're a bargain. Prices are still double what
>> they were 5 years ago in many places.
>
>Read my post again.
>I said "foreclosures."
>Banks don't like to own property and they are eager for almost any deal.

Yup - time to make money off the misery of the folks who were ripped
off in the sub-prime market by greedy lenders and real estate agents.
Most of the folks being ripped off are poor and undereducated. Yup -
time for the greedy bottom dwellers to do their thing.

WB Yeats