Still bush's fault: Housing starts hit lowest level in 18 months

[Cancel 2018. 3]

Housing starts hit lowest level in 18 months

NEW YORK (CNNMoney.com) -- New home construction fell to an 18-month low in October, the government said Wednesday.

Housing starts, or the number of new homes being built, fell 11.7% to a seasonally adjusted annual rate of 519,000 in October, down from a revised 588,000 in September, the Commerce Department said. The annual rate is the lowest since the 477,000 starts reported for April 2009.

Economists were expecting a rate of 600,000 housing starts, according to a consensus estimate from Briefing.com.

Economists were not expecting a strong report, because the number of new building permits has been weak for months, according to Sam Bullard, senior economist at Wells Fargo.

"We were expecting a pullback," Bullard said. "The surprise was that it came down as much as it did."

Housing starts have fluctuated between high 400,000s and high 600,000s since late 2008, but that range is a sharp decline from historical averages, and a marked drop from rates that hit in excess of 2,000,000 at the peak of the housing boom.

http://money.cnn.com/2010/11/17/news/economy/housing_starts/index.htm?hpt=T2

the left loves to forget that last part

 

[Damocles]

I think we should blame Canada.

 

[wiseones2cents]

Housing starts hit lowest level in 18 months

NEW YORK (CNNMoney.com) -- New home construction fell to an 18-month low in October, the government said Wednesday.

Housing starts, or the number of new homes being built, fell 11.7% to a seasonally adjusted annual rate of 519,000 in October, down from a revised 588,000 in September, the Commerce Department said. The annual rate is the lowest since the 477,000 starts reported for April 2009.

Economists were expecting a rate of 600,000 housing starts, according to a consensus estimate from Briefing.com.

Economists were not expecting a strong report, because the number of new building permits has been weak for months, according to Sam Bullard, senior economist at Wells Fargo.

"We were expecting a pullback," Bullard said. "The surprise was that it came down as much as it did."

Housing starts have fluctuated between high 400,000s and high 600,000s since late 2008, but that range is a sharp decline from historical averages, and a marked drop from rates that hit in excess of 2,000,000 at the peak of the housing boom.

http://money.cnn.com/2010/11/17/news/economy/housing_starts/index.htm?hpt=T2

the left loves to forget that last part

It has more to do with corporations then presidents. Sure past presidents, both Democratic and Republican have contributed to it. Though this decline has been in the works for quite some time.

The reason people are not buying homes is because jobs are disappearing thanks to outsourcing, technology and inflation(blame bush).....

 

[Cancel 2018. 3]

It has more to do with corporations then presidents. Sure past presidents, both Democratic and Republican have contributed to it. Though this decline has been in the works for quite some time.

The reason people are not buying homes is because jobs are disappearing thanks to outsourcing, technology and inflation(blame bush).....

so it has nothing at all to do with a real estate bubble that was simply unsustainable....?

i'm on the fence with outsourcing, though i tend to lean against it

 

[Cancel 2018. 3]

I think we should blame Canada.

 

[SmarterthanYou]

I think we should blame Canada.

it's the iron pipeline of US guns to mexican cartels. yeah, that's it.

 

[wiseones2cents]

it's the iron pipeline of US guns to mexican cartels. yeah, that's it.

Yeah and we have WMD(note sarcasm).

Though Canada was part of the problem. When Bush ironed out free trade with his buddy from His millionaire boys club(Brian Mulrooney) Prime Minister of Canada? The US shipped alot of jobs to Canada and alot of our jobs went to Mexico.....Then our PM brought in all kinds of cheap labor from China and India/Pakistan....

Then they seen it was even cheaper to do business in China and we got left out of the loop also.

The exploitation of the poor is nothing new under the sun....

Our government has now been selling our infrastructure to the highest foreign bidder, and now they are stealing our wealth and shipping it to China also.....I don't think it is legal, but they are sneaky. They use misinformation and fear tactics, about how its losing money and such....

Not to mention, China has surpassed the French and now is the second most spoken language in Canada, and east Indians are not far behind. This also gives them more voting power....

You think you have it bad with the Mexicans?

Free trade is ruining my country......

 

[NOVA]

It has more to do with corporations then presidents. Sure past presidents, both Democratic and Republican have contributed to it. Though this decline has been in the works for quite some time.

The reason people are not buying homes is because jobs are disappearing thanks to outsourcing, technology and inflation(blame bush).....

Its Bush's fault

Its Bush's fault

Its Bush's fault

Its Bush's fault

Its Bush's fault

Its Bush's fault

 

[wiseones2cents]

so it has nothing at all to do with a real estate bubble that was simply unsustainable....?

i'm on the fence with outsourcing, though i tend to lean against it

They create the bubbles, they create the recessions, the elites create everything.

Listen. The banks were giving all kinds of people loans on homes with no down payment. They don't mind. If you cant afford it? They take all the money you put into it, and keep the house. They don't lose.

Though why were people unable to afford the houses(other then the fact they are over priced?) That's because jobs were disappearing and people couldn't find work. Thanks to outsourcing. If good jobs weren't disappearing, people would still be buying homes.

As long as people are having babies, and jobs are being made, there should be no bubble.

 

[wiseones2cents]

Its Bush's fault

Its Bush's fault

Its Bush's fault

Its Bush's fault

Its Bush's fault

Its Bush's fault

Bush's fault for inflating the deficit? Most certainly. Bush's daddy's fault for free trade? Yes. Clinton expanded on trade with China.

 

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QUOTE=wiseones2cents;731511]They create the bubbles, they create the recessions, the elites create everything.

they....?

Listen. The banks were giving all kinds of people loans on homes with no down payment. They don't mind. If you cant afford it? They take all the money you put into it, and keep the house. They don't lose.

yes...the banks did that. it had nothing to do with your conspiracy, it had everything to do with the banks believing that property values would always go up. i have a friend who bought property (somewhere in the US) and the broker passed them despite the fact they didn't have the income to qualify....imo....it isn't some ethereal "they", rather, it is a realistic greedy you and i

Though why were people unable to afford the houses(other then the fact they are over priced?) That's because jobs were disappearing and people couldn't find work. Thanks to outsourcing. If good jobs weren't disappearing, people would still be buying homes.

dude...i was home shopping during the bubble and there was competition at new sites or homes that were ridiculous, one day offer at X, next day, offer at X + 1, next day offer at X + stupidity....

i didn't buy stupidity

As long as people are having babies, and jobs are being made, there should be no bubble.

untrue and completely ignorant as to market principles

 

[wiseones2cents]

they....?

I mentioned the elites. The filthy rich 1% that controls America.

yes...the banks did that. it had nothing to do with your conspiracy, it had everything to do with the banks believing that property values would always go up. i have a friend who bought property (somewhere in the US) and the broker passed them despite the fact they didn't have the income to qualify....imo....it isn't some ethereal "they", rather, it is a realistic greedy you and i

It had to do with them pushing home sales because mortgages are the bread and butter of the banking industry. Big interest.

The reason property values are going down(if that is the case), its because no one can afford to buy homes these days, due to the high cost of living and good jobs disappearing.

Greedy you and I???That's nonsense. Why should someone pay rent when they can pay their own mortgage?

dude...i was home shopping during the bubble and there was competition at new sites or homes that were ridiculous, one day offer at X, next day, offer at X + 1, next day offer at X + stupidity....

What are you trying to say? If houses are so much in demand and people are having bidding wars? How can there be a housing bubble?

untrue and completely ignorant as to market principles

Right and you believe recessions and depressions are just a regular part of an economic cycle.

"From now on, depressions will be scientifically created." - Congressman Charles A. Lindbergh Sr. , 1913

In regards to the federal reserve controlling the system of credit.