Housing starts plummet.

[flippinout]

Housing starts are the lowest right now since April and applications for building permits have also fallen.

It was also the biggest percentage drop since January and followed four straight months of flat starts.

Starts of single-family homes, which make up 75% of the industry, fell 6.8% to a 476,000 rate, while starts of multifamily units dropped 34.6% to 53,000.

Building permits dropped by 4% with new starts for condos and apartments have dropped 17.9%.

The drop in single family starts is owed to the presidents New Home Owner Tax Credit Program.

[Eyeofngt]

That is sad to hear. It is even sadder to think that it may get worse before it gets any better. It is scary what is happening in this country right now. I am afraid of the future for my kids and grands.

[homealone]

This information is really scary. There are times when I hear that things are getting better, and there are times when I hear different. Personally I havent seen anything really saying that things are getting better and this information just proves that.

Though I do hold onto hope that one day soon things will begin to turn around, but I am sure not going to be holding my breath.