Credit, Economy and Financial News from TruckingFactor.com

Housing Starts, Permits Slide

The Commerce Department reported that housing starts plunged 16.8% in January to a seasonally adjusted annual rate of 466,000 units, the slowest pace on records dating back a half-century. With declines being posted across the country, the news left analysts hoping that a boost from government programs, including efforts to stem foreclosures, will stop the downward spiral. Unfortunately, things may turn worse in the near future. Building permits, considered a barometer of future activity, fell 4.8% in January, the government reported. Housing activity was weak nationwide in January. Starts fell a whopping 42.9% in the Northeast, dropped 29.3% in the Midwest, fell 12.8% in the South and declined 6.4% out West.

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Date Last Updated: 02/20/2009