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US home building at all-time low US home building at all-time low
(about 2 hours later)
The rate of construction of new homes in the US fell by 15.5% in December to hit an all-time low, official statistics have shown.The rate of construction of new homes in the US fell by 15.5% in December to hit an all-time low, official statistics have shown.
The US Commerce Department said that construction of new houses and apartments fell to an annual rate of 550,000 in December.The US Commerce Department said that construction of new houses and apartments fell to an annual rate of 550,000 in December.
The rate of new construction was down 45% from December 2007.The rate of new construction was down 45% from December 2007.
New building permits, which signal future home construction, fell 10.7% from November.New building permits, which signal future home construction, fell 10.7% from November.
The fall in new home construction was steeper than economists were expecting.The fall in new home construction was steeper than economists were expecting.
"It is still disappointing to see housing starts and housing activity in this perpetual freefall," said David Resler, chief economist, Nomura Securities International."It is still disappointing to see housing starts and housing activity in this perpetual freefall," said David Resler, chief economist, Nomura Securities International.
"You are not likely to see a lot of new activity underway in the winter months of a recession. ""You are not likely to see a lot of new activity underway in the winter months of a recession. "
The US housing market has been hit hard as the credit crisis has made mortgages more expensive and harder to get.The US housing market has been hit hard as the credit crisis has made mortgages more expensive and harder to get.