Housing starts tumble in July to new 17-month low

https://www.foxbusiness.com/economy/housing-starts-tumble-july-new-17-month-low

HYPERLINK has full story

snip

Housing starts dropped 9.6% last month to an annual rate of 1.446 million units, the lowest level since February 2021, according to new Commerce Department data released on Tuesday. That's below Refinitiv economists' forecast for a pace of 1.540 million units.

Applications to build – which measures future construction – slowed to an annual rate of 1.67 million units, which is also the lowest since September.

end snip

The housing market is also an indicator of recession which we entered in January, 2022.

Hopefully we will lose full Democrat control after November and the nation can begin recovering.

 

Good. Home prices have been rising sky high with no end in sight. Thankfully with the FED raising rates and less people buying new homes will end the run away prices in homes.

 

I am quite confident that those who earn a living in the trades and the housing industry will find comfort in your empathy.

 

So prices soared due to the FED placing their thumb on the scale, and now we are happy they are doing it again?

 

I work in the construction trade, and all is fine. Thanks for your concern though.

 

Prices soared because the last four President's forced the FED to stay artificially low. Tell me, if the economy is humming as Trump and his adoring base like to claim while he was POTUS, why would he demand and force the FED to keep the rates that low?

 

yep, thanks to Trump, the economy is suffering, sad!

Trump was on the verge of a recession in 2019... BEFORE COVID

the fed doesn't do this during a great economy... that the economy was great pre-covid is one of the biggest lies the Republicans ever told.


"Fed Ups Its Wall Street Bailout to $690 Billion a Week as Media Snoozes" Oct 2019

https://wallstreetonparade.com/2019...ilout-to-690-billion-a-week-as-media-snoozes/

and

"The Federal Reserve Has Already Pumped $9-Trillion into Wall Street in the Past Six Months, and Now Is Offering Banks Another $1.5-Trillion" March 2020

https://needtoknow.news/2020/03/the...d-now-is-offering-banks-another-1-5-trillion/

 

You REALLY need to update that hysterical avatar picture..... Saw a 3.88 this AM and it's 3.94 nationally

Also, your POTUS is signing a very important bill in the next 15 minutes, so save your whining for your basement buds....

 

exactly, the Trump economy was a failure, it could only survive with massive infusions of money into the economy, which is why we now have inflation

 

This is not about trump, although it is ironic that his name comes up in a discussion about housing costs. (He lives in the minds of many rent free!)

If interference by the FED caused the problem, why is interference by the FED good now?

 

They're building fewer homes but population is still growing.

That's not going to LOWER the cost of housing. Its talking about the SUPPLY of housing contracting.

 

Brandon is doing a bang up job destroying what was one bright aspect of the economy. Way to go Brandon.

 

Hmm.. Why? Do you suppose less housing is the answer? Sky high prices were a produced by the limited supply to begin with. Less supply seems to exacerbate an already terrible market. More, it means that folks are going to have to pay the price of timing for not having purchased prior to the Fed rate hikes. No relief for those looking to buy in site. And what will really happen, is when prices fall, and folks start actually losing money, then what? Bail outs?

 

The democrats don't care about the people.... Just their power. Dependent people vote for them is their assumption...

 

Rents are rising and mortgage payments. I'm sure you can spin that as a good thing also.

 

Lol…less people buying more gold digging time for Blackrock which will make it harder for the average family to afford a home in the future. They will have to compete for rental which also raises the cost to rent. Not sure why leftists are celebrating.

 

Isn't it interesting? There is a housing shortage, yet construction is also down now.

The real issue is that the people who need housing cannot afford the high price of new construction (or in some cases perhaps the land costs of those new developments).

I have yet to see any examples of rows of unoccupied vacant homes in new developments, so the issue is not that these new homes are not being filled.

see thread here: Housing shortage spreads to Midwest and South

This seems like it might be a sign of an impending recession.

 

This and foreign money laundering on steroids.

 

So either you chose to ignore or blew past the part where I said the last four Presidents are at fault for forcing the FED to stay artificially low. You alone decided my comment was all about Trump.

 

So what would you like big daddy government to do about it? When did cons crave more government in our lives to make things easier for all of us exactly?

 

It is how you throttle back inflation. This is how the Fed has always controlled inflation.

 

Yes, this is how you manage inflation. And things are getting better.

 

It is a result of the wealth gap that republicans keep denying. Homelessness is the free market doing it's thing.

Even if we assume a minimum wage of $15 an hour, which is about 30K a year, that barely pays the rent in many cities. If they paid rent they wouldn't have any money left, literally.

 

I've been saying for a long time that raising the minimum wage is not really going to be able to solve the larger part of the housing affordability problem.

I'm not saying it can't be a little bit helpful overall, but it is kind of a red herring, and people are deluding themselves if they think this is going to be the solution.

 

LOL! You sure voted twice for GWB, who, with full GOP Congress control, oversaw the biggest housing crash in the last century. GOP votes have consequences, always harmful. See how this works? I am sure, though, you have all kind of excuses of how the 2007 housing crash was also the Dems' fault.