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New York Construction Boosts US Housing |
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Jul 17, 2008 at 02:02 PM
News Source: The Financial Times
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The commerce department said the surge to a pace of 1.066m units was driven by multi-family construction in New York, where new building codes were enacted last month. Meanwhile, single-family housing starts across the country dropped 5.3 per cent to their lowest level since 1991 and overall new home construction, setting aside multi-family homes in the northeast, dropped 4 per cent.
The housing meltdown has been at the heart of the economic crisis and policymakers and economists have been searching for some signs that it may be ending. Woes at Fannie Mae and Freddie Mac, the two government-sponsored mortgage lenders, over the past week, have increased fears of a protracted slump in housing.
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Read Comments (5) — Post Yours »
1
Jul 17, 2008 at 02:14 PM ober chuchom Says:
WOW SO WHAT GING TO HAPPEN WHEN WILL IT KRACH BIG TIME CANT WAIT YOU KNOW I HAVE THE CASH TO INVEST JUST WAITING FOR THE KRACH
2
Jul 17, 2008 at 02:27 PM Anonymous Says:
Hey Shlomah who is that yingerman in the truck?
3
Jul 17, 2008 at 04:09 PM Chaim S. Says:
What the statistics don't show is that most of these new multi-unit buildings are sitting empty. Drive through Flatbush and look at all the beautiful new condo buildings and you'll see that they're all still empty. It's a cycle. Wait another year to maybe two years and people will start buying because the builders will bring down the prices until people say OK now I can buy.
4
Jul 17, 2008 at 04:45 PM Anonymous Says:
the boom in NYC has noting to do with new building codes, Its about 421 tax that just expired
5
Jul 18, 2008 at 05:47 AM Anonymous Says:
There are buyers but very few ways to obtain a mortgage. Banks have made in almost impossible to get financing and until this changes the slump will go on