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News & Views on Indian Real Estate

Wednesday, October 29, 2008

Single-family Home Starts in the US Plunges Down


Single-family housing starts fell more than anticipated in September, falling to the lowest level in a quarter century and indicating the real-estate slump intensified even before the recent credit meltdown. Construction began on 817, 000 houses last month, down 6.3 percent from Augusts’ 872, 000 level that was lower than previously estimated, the Commerce Department said in Washington. Building permits, a sign of future construction, dropped 8.3 percent to 786, 000 pace, the lowest level since November 1981. Starts were projected to fall to an 872, 000 annual pace from a previously estimated 895, 000 million in August, according to the median forecast of 74 economists polled by Bloomberg News. Estimates ranged from 840, 000 to 935, 000. Compared to September 2007, work began on 31 percent fewer homes. Construction of single-family homes dropped 12 percent to a 544, 000 rate, the fewest since February 1982. Starts of single-family houses dropped to record lows in three of four regions in September, led by a 24 percent slump in the Midwest.

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