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WASHINGTON (Reuters) - Housing starts posted their biggest decline in 27 years in February while building permits dropped to their lowest level on record, suggesting the beleaguered real estate sector has yet to rebound from its deepest slump in modern history.

Groundbreaking on new construction dropped 22.5 percent last month to an annual rate of 479,000 units, according to Commerce Department data released on Wednesday. This was just above a record low set in April 2009 and way below the estimates of economists, who had been looking for a smaller drop to 570,000.

January's figure was revised up to 618,000 units from 596,000. But that did not change the tenor of the report, which confirmed that the sector is failing to recover despite interest rates near record lows.

Building permits, a hint of future construction demand, fell to a record low of 517,000 units from a revised 563,000, and were down by about 20 percent from levels seen in February 2010.

Housing was at the epicenter of the financial crisis of 2007-2009.

One key impediment to the sector's recovery is a vast backlog of unsold inventory, while a shaky job market has also made consumers reluctant to embark on any major new financial commitments. Making matters worse, a glut of foreclosures, stalled in recent months by revelations of improper loan documentation, is depressing the market.

(Reporting by Pedro Nicolaci da Costa, Editing by Chizu Nomiyama.)

http://finance.yahoo.com/news/Housing-starts-see-biggest-rb-380668273.html?x=0&.v=1
 

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A lot of builders are small operators, and most of them have left the business - at least for now. Also, banks aren't lending to anyone except the most credit worthy, and even those generally have to have 20% down. As long as those credit requirements are in place (and I think they are a good thing), there will be no major rebound, because 80% of the population can't pass muster on those requirements.
 

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A lot of builders are small operators, and most of them have left the business - at least for now. Also, banks aren't lending to anyone except the most credit worthy, and even those generally have to have 20% down. As long as those credit requirements are in place (and I think they are a good thing), there will be no major rebound, because 80% of the population can't pass muster on those requirements.
Ahhhh how I love my VA loan :partyon:
 

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*Bad Leadership*

Very Bad Leadership :crazy:

If all your Decisions begin to make matters worse

Then I claim your perception of the world and it's problems is incorrect

That's our current government :nuts:

They are destroying * America *
 

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*Bad Leadership*

Very Bad Leadership :crazy:

If all your Decisions begin to make matters worse

Then I claim your perception of the world and it's problems is incorrect

That's our current government :nuts:

They are destroying * America *
You know I think you are right on there. It will take some true partisans and true patriots to fix this. I know the media treats partisan as a dirty word. I think its a great thing. It shows that a politician has morals and beliefs, something he/she will stand up for.
 

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WASHINGTON (Reuters) - Housing starts posted their biggest decline in 27 years in February while building permits dropped to their lowest level on record, suggesting the beleaguered real estate sector has yet to rebound from its deepest slump in modern history.

Groundbreaking on new construction dropped 22.5 percent last month to an annual rate of 479,000 units, according to Commerce Department data released on Wednesday. This was just above a record low set in April 2009 and way below the estimates of economists, who had been looking for a smaller drop to 570,000.

January's figure was revised up to 618,000 units from 596,000. But that did not change the tenor of the report, which confirmed that the sector is failing to recover despite interest rates near record lows.

Building permits, a hint of future construction demand, fell to a record low of 517,000 units from a revised 563,000, and were down by about 20 percent from levels seen in February 2010.

Housing was at the epicenter of the financial crisis of 2007-2009.

One key impediment to the sector's recovery is a vast backlog of unsold inventory, while a shaky job market has also made consumers reluctant to embark on any major new financial commitments. Making matters worse, a glut of foreclosures, stalled in recent months by revelations of improper loan documentation, is depressing the market.

(Reporting by Pedro Nicolaci da Costa, Editing by Chizu Nomiyama.)

http://finance.yahoo.com/news/Housing-starts-see-biggest-rb-380668273.html?x=0&.v=1
This does not surprise me at all...what did surprise me was that anyone was building at all anymore. We have years of inventory sitting and /or in foreclosure. Until that is gone there should be no building. The housing bubble burst. That means there is not as much demand for housing and what was built on spec will last a long long time.

This only means something to Hovnanian and Toll brothers, etc who build just to build regardless of the buyer. Homes have become a commodity not a place to live and that is changing....those comapnies have to change too.

As I have been saying for quite a while...The home building sector will be way down for a very very long time. And will probably never be what it was at the peak of the bubble. But look at the bright side...at least you can find someone who knows what he is talking about at Lowes and Home Depot again.
 

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But look at the bright side...at least you can find someone who knows what he is talking about at Lowes and Home Depot again.
:laughing: I love it when a person sees the glass half full. Well done! :thumbsup:
 

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Anybody been inside a Home Depot or Lowes recently???

Those places are like ghost towns compared to a few years ago. :down:
 

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I've been pricing building supplies since the beginning of the year, and everything has gone up at least 5%, and is still rising. I will be building a garage this spring.

This cannot be helping builders either.
 

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I've been pricing building supplies since the beginning of the year, and everything has gone up at least 5%, and is still rising. I will be building a garage this spring.

This cannot be helping builders either.
Inflation is here.
 

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A lot of builders are small operators, and most of them have left the business - at least for now. Also, banks aren't lending to anyone except the most credit worthy, and even those generally have to have 20% down. As long as those credit requirements are in place (and I think they are a good thing), there will be no major rebound, because 80% of the population can't pass muster on those requirements.
bought my house middle last year, good credit and 10% down, great interest rate.
10% down was not problem and still got the going interest rate I could find most
companies offering at the time. with only putting 10% down have to pay PMI and that sucks and pisses me off.
 

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Anybody been inside a Home Depot or Lowes recently???

Those places are like ghost towns compared to a few years ago. :down:
They may be ghost towns but at lest you can find someone to help you now. I cannot count the number of wasted hours waiting to find someone who was qualified to use the stairs to get an item off the upper shelves...and forget it if you need the fork lift.
 

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They may be ghost towns but at lest you can find someone to help you now. I cannot count the number of wasted hours waiting to find someone who was qualified to use the stairs to get an item off the upper shelves...and forget it if you need the fork lift.
:laughing:

Been there. :agree:
 

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They may be ghost towns but at lest you can find someone to help you now. I cannot count the number of wasted hours waiting to find someone who was qualified to use the stairs to get an item off the upper shelves...and forget it if you need the fork lift.
:laughing:

The trick I use is to start climbing the stairs, myself. Either someone comes a running... or you end up retrieving the item, yourself. Either way... you are on your way. The foot bar at the base of the stairs... releases the brakes. ;)
 

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:laughing:

The trick I use is to start climbing the stairs, myself. Either someone comes a running... or you end up retrieving the item, yourself. Either way... you are on your way. The foot bar at the base of the stairs... releases the brakes. ;)
And I thought I was the only one that pissed off the Home Depot employees by doing that! :partyon:
 

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:laughing: I love it when a person sees the glass half full. Well done! :thumbsup:
That can be viewed two different ways

For some people sub-par of average is good enough

Then there are guys like myself

Where nothing but "Pure excellence will do"

Especially when I know the heavy price the people of America have paid for their freedom and Democracy
 

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That can be viewed two different ways

For some people sub-par of average is good enough

Then there are guys like myself

Where nothing but "Pure excellence will do"

Especially when I know the heavy price the people of America have paid for their freedom and Democracy
I'm so damn good I piss excellence
 

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rv temp housing

furnished corporate housing The world is quite big for a man to travel and get entertained as the social activities and daily life of an average man is far more difficult and hectic as compares to the past generations. America is a big country and there are a many beautiful states and cities in America. Arizona stands amongst the most magnificent and the most beautiful places in America. It is rich with natural greenery and eye catching sites that can take your breath away.
Always prefer to rent an RV whenever you plan a trip for a weekend to minimize your travel expenses
 

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Always prefer to rent an RV whenever you plan a trip for a weekend to minimize your travel expenses
you damn troll! be gone!
 
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