12/16 Another report showed housing starts unexpectedly plummeted 13.1
percent last month, the biggest dive since a 17 percent tumble in
January 1994, as groundbreaking activity fell sharply across the nation.
Housing starts slid to an annual rate of 1.771 million units in
November from an upwardly revised 2.039 million clip a month earlier,
the Commerce Department said.
Economists had expected starts to ease only slightly and some saw
the report as a sign of brewing trouble for the long high-flying
U.S. housing sector.
"The housing market is finally beginning to cool off. This is the
beginning of the end," said David Wyss, chief economist for
Standard & Poor's. "The housing number is scary." (Additional
reporting by Alister Bull in Washington and Pedro Nicolaci da
Costa in New York)
\_ Why do you hate America?
\_ Am I naive to think that this is just the price rising enough to
get closer to the point that supply and demand actually meet?
\_ Yes, because housing has always tracked inflation. When housing
tracks 10X inflation you know you're in a bubble.
\_ hey it's Missed Buying A Home Sour Grapes Guy! |