Builders curtailed construction of new homes sharply in October, according to a government report released this morning.
The pace of new residential construction fell unexpectedly by 10.6% to a seasonally adjusted 529,000 annual rate compared with the prior month and a 30.7% drop from October 2008, the Commerce Department said.
Comment by:
Lucky Red (#020562) Entered on: 2009-11-18 16:26:44
Why is this surprising news? The country of full foreclosured homes. And millions of Americans are unemployed. Who would they be building homes for? Only 1% of this country have enough money and security to buy a new home and I'm quite sure they already have their McMansions and wouldn't touch the type of housing that's not being built. This is stating the obvious.
