Housing construction falls to a six-year low (fell 14.6% in October)

[Human Torch]

Housing construction falls to a six-year low
Home building fell 14.6 percent in October

http://www.msnbc.msn.com/id/15764367/

Updated: 1 hour, 57 minutes ago

WASHINGTON - Housing construction plunged to the lowest level in more than six years in October as the nation’s once-booming housing market slowed further.

The Commerce Department reported on Friday that construction of new single-family homes and apartments dropped to an annual rate of 1.486 million units last month, down a sharp 14.6 percent from the September level.

The decline, bigger than had been expected, was the largest percentage decline in 19 months and pushed total activity down to the lowest level since July 2000.

Applications for new building permits, seen as a good sign of future plans, fell for an eighth consecutive month, declining 6.3 percent to an annual rate of 1.535 million units.

[Gregorian]

1. That might explain the silence around here.

There's been a mysterious and ominous absence of logging trucks rumbling down the roads in the middle of the night. That only happens when it's too expensive to cut down forests. Or in other words, when trees are not valuable enough. And what a relief it is. At least that's my uninformed opinion on it.

[spotbird]

2. At least some good

will come of this disaster.

When BushCo. started pushing home ownership I knew somehow it would be just another transfer of wealth upward, and that's what it is turning out to be.

[Gregorian]

3. Tell me about it.

Not like I'm poor or anything. But I'm still enraged that my neighbor deforested his property around me. I even had a talk with him. Not only is he a millionaire. And not only is he 89 years old for god's sake! But he owns ten thousand acres next door to my property. I asked him kindly if he would spare the view in my front yard. And the argument turned into his value versus my value. And his was the one that won. I was furious. And immediately put my property on the market. Hopefully I'll be finding a place to live where trees are more valuable than cash. Where I grew up that was the case. I was rudely awakened when I moved here to find that that was not the case. If you like trees (around here, at least) you are automatically termed an Earthfirster or an environmentalist. I'm just so glad we won this last election. At least they aren't in control.

End of rant. And back to the pump house to figure out what I just blew up. :)

[RUMMYisFROSTED]

4. Chimpy!

:applause:

[catmandu57]

5. I read this article at the Washington Post

They claim it's not going to have a big affect on the rest of the economy, I can't help but seeing the ripples spreading out across the economy.