July 19, 2024

new housingThe Commerce Department reported yesterday that new housing starts fell in December to the lowest levels since the government started compiling statistics in 1959.

Ryan Sweet, an economist at Moody’s said: “Homebuilders have no choice, the market is bloated with excess supply and demand is weak. The pace of housing starts will remain depressed until 2011.”

President Obama it's said, intends to use between $50 billion and $100 billion of the remaining half of the $700 billion bank bailout fund to address foreclosures and bring stability to the housing market.               San Diego housing



4 thoughts on “New Housing Starts Plummet

  1. The numbers are astonishing to say the least; the only help I think we have on our side at this point is “TIME”. The economy will recover, jobs, housing and other markets will do the same in time. We must weather the storm together.
    Now is the best time to look at your financial situation and start to rebuild it if it has started to deteriorate a bit, or even a lot. Don’t be afraid of seeking other options for buying a home if you’ve been foreclosed on; or other way of increasing your income.

    L J Sutherland

  2. There’s an extremely simple way to avoid foreclosure: make your mortgage payments on time every month. If you are unwilling or unable to do so, then you will lose your house. This is exactly what you agreed to in the mortgage contract that you signed. Expecting the rest of us to “bail you out” is a morally indefensible position.
    SD Cosmetic Surgery Group

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