Housing starts were bad in September, but just wait until October's data is released

Posted by: Prashant Gopal on October 17, 2008

Housing starts dropped 6.3% in September to a seasonally adjusted annual rate of 817,000 — the second lowest level of all time just behind the rate in September 1991, the Commerce Department said today.

October could be the record-breaking month because that’s when the Wall Street meltdown really got going. Expect the October report to show a severe drop in home starts.

Reader Comments

Bob

October 18, 2008 7:55 AM

Hot Property is a Channel 5 show originally broadcast from 1997 to 1998 hosted by Sandy Mitchell and then revived from 5 November 2001 to 4 July 2003 originally hosted by Tris Payne but then was replaced by Alice Beer.
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Bob
FSBO

J.T.McArmstrong

October 22, 2008 2:08 AM

THIS EXCEPTIONALLY BRIEF POST IS DEAD ON!
AN EXCEPTIONALLY HIGH % OF ARM'S ARE SET TO RE-SET IN OCTOBER.
I PREDICT THAT THE DOW (WHICH IS NOT A VERY ACCURATE GAUGE, OF ANYTHING, FOR PROFESSIONALS,LIKE ME, WILL PLUNGE BETWEEN 25-30 %,POSSIBLY MORE, ON OCTOBER 28TH,2008,BENEATH ITS PREVIOUS LOWEST CLOSE OVER THE 6 PRECEDING TRADING SEESION, SIGNALING THE BEGINNING OF THE 2ND GREAT DEPRESSION,&,POSSIBLY LAST GREAT DEPRESSION!!!
ON MY FAVORITE TV PROGRAM, " FAST MONEY",ON CNBC, GE'S BUSINESS CHANNEL,JEFF MACKE,HAS BEEN SAYING,FOR SOME TIME:"THE ONLY POSITIONS I WANT TO BE IN, IN THIS MARKET, ATE 'CASH & FETAL' ".THAT'S A VERY WITTY JOKE BUT, UNFORTUNATELY,I THINK IT SHOWS TREMENDOUS WISDOM,EVEN BY MY STANDARDS!I REALLY LIKE ALL 5 OF THE " REGULARS" ON " FAST MONEY":"K-FINE" IS MY FAVORITE,FOR OBVIOUS REASONS,BECAUSE SHE'S NOT ONLY HIGHLY INTELLIGENT,EVEN BY MY 160 I.Q. STANDARDS,BUT SHE'S ALSO REALLY " CALIENTE"!MY NEXT MOST FAVORITE IS PETE NAJARIAN.HE REMINDS ME,TREMENDOUSLY,OF THE PREP SCHOOL FOOTBALL PLAYERS ON MY SR. YEAR TEAM.I WAS THE TEAM CAPTAIN.AT" THAT-SORRY-EXCUSE-FOR-A-COLLEGE",A/K/A, YALE THE FOOTBALL PLAYERS WERE,WITH FEW EXCEPTIONS:1)TERRIBLE PLAYERS:2)CRASHING BORES!
I WISH JEFF MACKE WOULD LEARN TO CALM DOWN,AT LEAST SOMEWHAT.HE APPEARS TO BE IN AN ALMOST-PERPETUAL STATE OF HYPO-MANIA!
SEE, HIS FATHER DIED,AT A COMPARATIVELY YOUNG AGE RECENTLY,& I'M AFRAID HE MAY FACE THE SAME TRAGIC FATE UNLESS HE LEARNS TO BE LESS "HYPER"!
HE OUGHT,TO MY MIND, TRY PILATES,TM,OR YOGA,BLAH,BLAH,BLAH!

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About

BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.

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