Official figures show that the number of homes and apartments being constructed in the US plummeted to the lowest level since March 1991. According to the Commerce Department, the 11% fall to an annual rate of 965,000, the lowest level for over 17 years, followed a 1.084 million rate the previous month.In addition, building permits, [...]
Seems to me that although there has been less publicity recently of major degeneration in the US (in fact the dollar seems to have made a fair recovery recently) there is probably more bad news on the horizon and these figures just underline that.
I think in the coming months we are really going to see the effects of these economic forces on the real economy rather than just shares and house prices as more people from less financial based jobs start to get layed off.
US housing starts at 17-year low
