IPFS News Link • Housing
Construction of new homes drops a surprising 10.6% in October
• LA TimesBuilders 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.
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.
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1 Comments in Response to Construction of new homes drops a surprising 10.6% in October
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.