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News Link • Housing

Construction of new homes drops a surprising 10.6% in October

• LA Times
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.

1 Comments in Response to

Comment by Lola Flores
Entered on:

 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. 

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