Housing Starts Fall To 17 Year Low
Source: http://www.navivest.com/blogPosted on Wednesday, September 17th, 2008 | In Stocks to Watch
The Census Bureau of the Department of Commerce, reported today that Housing Starts which measures the number of residential units on which construction commenced, dropped in August to an annualized rate of 895,000 units. This is the lowest level since January of 1991. The August number also represents a 6.2% sequential decline from July. Forecasters were looking for 950,000.
We also got Building Permits numbers which showed a sequential decline of 8.9% and an annualized rate of 854,000. Forecasters were looking for 925,000.
To say the numbers show an economy in crisis, would be overstating the obvious. Stock futures which were already trending downward indicating a lower open for the stock market, accelerated their declines after the numbers were released.
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 About Daniel Shepard (http://www.navivest.com/blog)
Daniel Shepard is an Equity Analyst with Navivest, a stocks and options trading advisory services company that provides trading ideas on a subscription basis. |
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