Stick a Fork in It, the Housing Boom is Done
Housing construction plunged to the lowest level in more than six years in October as the nation’s once-booming housing market slowed further. The United States Commerce Department reports that October construction of new single-family homes (SFH) and apartments has dropped down a sharp 14.6 percent from the September level.
This decline in new SFH and apartment construction is even bigger than had been expected by the economic prognosticators. In fact, it’s the largest percentage decline in 19 months and knocks total construction activity down to the July 2000 level. In other words, turn off the burner, stick a fork in it and take the Housing Boom off the economic grill. It’s done.
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