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Housing Starts and Permits Sink to Record Lows03-04-09 | News

Housing Starts and Permits Sink to Record Lows

Within the multifamily sector, a sharp decline in starts for sale (condo and co-op units) have accounted for most of the recent slide, as production of multifamily rental units has held up relatively well. - Courtesy of www.bloomberg.com

Housing starts and building permits have been falling for three years, and the downswing actually has accelerated in recent months ?EUR??,,????'??+ taking major measures to record lows.

Deep and broad-based declines were particularly stunning in January. Total housing starts fell by 16.8 percent from December to January, the year-over-year decline came to 56.2 percent and the decline from the January 2007 peak now stands at 80 percent.

Single-family starts are off by 81 percent from their peak rate in early 2006 and multifamily starts are down by 74 percent.

The multifamily sector held up relatively well until the middle of last year but now finds itself in a rapid contraction phase.

Within the single-family sector, a sharp decline of starts for-sale has accounted for the major proportion of the decline in total starts, as homes built on owners?EUR??,,????'??? lots by contractors or owners have held up relatively well. ?EUR??,,????'??? Courtesy of National Association of Home Builders