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Housing starts still suffering in the US

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News - Financial News

Written by Hugh McManus

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In figures released by the US Department of Commerce, housing starts have slipped to their lowest level since 1991.   The rate of new housing starts dropped by almost 10 percent on an annualized basis to a Bloomberg estimate of 960,000 homes.  The decline is most likely due to three factors: a burgeoning housing inventory; counter intuitively, falling prices; and tightening credit requirements.  Falling prices often make buyers delay in making a purchase in the hope that the cost will drop further.  Banks, burdened with non performing assets, have raised standards for new borrowers, adding costs to would-be homeowners.  Separately, on August 5, the government reported that consumer inflation had climbed at its sharpest pace since February 1981--the first full month of Ronald Reagan's presidency.   Inflation doesn't help a softening housing market. < Prev   Next >