Housing Prices, Starts Tumble at Record Pace in U.S. Recession

[marmar]

Housing Prices, Starts Tumble at Record Pace in U.S. Recession
By Kathleen M. Howley and Timothy R. Homan


Jan. 22 (Bloomberg) -- Home prices in the U.S. dropped the most in at least 18 years and builders broke ground on the fewest houses since record-keeping began as the recession deepened, government reports said today.

Prices in November declined 8.7 percent from a year earlier, the biggest drop in records going back to 1991, the Federal Housing Finance Agency said today in Washington. Housing starts fell 16 percent last month to an annual rate of 550,000, the lowest since the government started compiling statistics in 1959, the Commerce Department said.

“We are witnessing a severe recession, historic declines in housing prices, growing job loss and a concern that these negative trends are accelerating,” Timothy Geithner, President Barack Obama’s nominee for Treasury secretary, said in written responses to questions posted on the Senate Finance Committee Web site today.

Record foreclosures and the highest jobless claims in 26 years are dragging down home prices as the economy enters the second year of a recession. The number of U.S. homes in foreclosure last year rose to an all-time high of 2.3 million, RealtyTrac Inc. said last week. The nation lost more than 2.6 million jobs in 2008, the most since 1945, and U.S. stocks had their worst performance since the Great Depression. .......(more)

The complete piece is at: http://www.bloomberg.com/apps/news?pid=20601068&sid=aF56u.Fs3yCw&refer=home

[whistle]

1. It is a depression now but it won't be officially declared for another nine months

[hay rick]

2. read it and weep. nt

[Broadslidin]

3. An annual rate of 550,000 new homes. Any thought given as to Where these vacant homes might be...?

:hangover:

[FreakinDJ]

4. Quit calling this DEPRESSION a Recession