Friday, May 16, 2008

Housing Starts reach lowest levels since '91

Click on the title to see the article from Bloomberg today regarding the low levels of housing starts.

Points of Note:

"Starts increased in three of four regions, led by a 24 percent jump in the Midwest. Construction rose 19 percent in the West and 3.6 percent in the South. Starts dropped 13 percent in the Northeast", (Schlisserman, Bloomberg 5/16/2008)

"Home construction and property values ``seem likely to decline well into 2009,'' Federal Reserve Bank of San Francisco President Janet Yellen said May 13. She also said the risks around her forecasts are ``unusually large because of uncertainty'' about financial markets, housing and commodity prices." (Schlisserman, Bloomberg 5/16/2008)

" Economists surveyed by Bloomberg forecast growth from April through June would slow to a 0.1 percent pace and consumer spending would advance at a 0.5 percent rate, the smallest increase in 17 years" (Schlisserman, Bloomberg 5/16/2008)

Just keep moving along. Everything we do is about attitude, communication, and dedication. We must educate people about how to get into houses without hurting their financial condition. We may be reaching the bottom and then there is only one way to go...UP.

Have a great day.

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