Housing Starts Lowest Since 1991
Posted Oct 17, 2008 @ 11:01 am, Viewed by 618 Visitors, Read 639 Times.That's almost 2 decades ago! Can it get any worse? I'm afraid it will. Today's MSNBC headline news:
"Construction of new homes plunged by a bigger-than-expected amount in September, as builders slashed production to the slowest pace since early 1991, when the country was in a deep recession. Friday’s housing report was yet another piece of evidence that the nation is struggling with a weak economy that, if the financial crisis is not solved, could dive into a sustained downturn. President Bush on Friday said in a speech that the credit markets — where many companies find funding for their operations — will take a while to thaw, but that Americans should be confident that it will."
The Tri Cities Washington economy is still strong, but I wonder how long our economy will last given economic squeeze we are experiencing.
Related: Financial Crisis Hammers Housing | Analysts: Recession Almost Certain
The Lane Real Estate Team providing Tri Cities Washington Real Estate services. || Call us at 509.438.9344 today! || Given tough economic times in many locations in the United States, consider a move to Tri Cities Washington. Our Tri Cities economy is holding strong! 
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Too funny Ryan. I think my view comes from 25 years in the construction industry. I remember all too well when new house starts were down, how the domino effect hurt everyone. On a personal level (if I can be selfish for a moment), Colleen and I kinda like building permits not being pulled, as low building starts mean a landlord's market. We have many rental properties here in the Tri Cities. 
P.S. On a unrelated note, I'll be contacted you via PM/email on another subject.
Yes, it does hurt all the way down the line. I just feel like the faster it gets all the way down, the faster we start going back up. 5 stars for you!
I just updated the blog entry with a link to a related AP article. The article, along with many other pundits, are pointing us in the direction of a recession. Not excited about that one! 
I think the recession may be unavoidable...I'm going to force myself to go "half full" on this though: the sooner we get into it, the sooner we get out. Steps that we take that prolong the inevitable will do nothing but draw out the inevitable. Sad as it may be.
In agreement Ryan! Colleen and I went through the last real recession and it's no fun. In fact, that experience has us preparing for a recession. http://en.wikipedia.org/wiki/Early_1980s_recession
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Funny how we took differing views on this. I saw the continued slowdown in new starts as a positive and healthy sign that we are continuing to self correct.
http://www.realestatewebmasters.com/blogs/ryan-ward/6380/show/