New Housing Construction Down 10.6%

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The U.S. housing market continues to tank.
The Dept of Housing and Urban Development (HUD) released the dismal news that privately-owned housing starts last month, April, were 10.6% below March, and 23.9% below the same time last year, April 2010.

Homes under water, the new American Gothic.


The decline in new housing construction is due to so many homes being underwater and in foreclosure.
Supply and demand.
According to data from the real estate information company Zillow, as many as 1 of every 4 homes in America have negative equity, that is, the mortgage owed on the house is more than what the house is worth.
All of which has a depressing effect on home prices: Average home prices in the U.S. are down 8% from a year ago and are falling at about 1% every month.
~Eowyn

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0 responses to “New Housing Construction Down 10.6%

  1. Yeah. Tell me about it.

     
    • Ouch. I thought business had picked up, Bob?

       
      • I’m designing more dental offices than homes! And for homes, it’s been virtually all additions and renovations in lieu of new homes. I worked on one new home design last year (although it was large at 10,000+ sf ) and I’ve got one on the board now (much smaller at 3000 sf).
        Thanks for fixing the strikeout, by the way. I’m not sure why that didn’t work in the html editor.

         
        • At least you are working. Hmm, so 1 of 4 homes are under water but Americans still have money to go to the dentist? LOL
          As for the strikeout, WordPress has been having “issues” for the last several days.

           
          • Eo- I can’t believe how much some of these dentists are spending to upgrade their facilities. The equipment is really expensive and requires some specialized knowledge to install. I’ve help renovate four or five so far in the field, and I’ve got two in AutoCAD waiting for comment from the owners. There’s big money in teeth, I guess.
            Personally, I always thought that at somewhere around 21, everyone should have their natural teeth removed and replaced with permanent, no maintenance, straight, white ceramic or something. It wouldn’t eliminate dentists (not that I’m advocating eliminating dentists) but would certainly eliminate tooth decay! Surely someone could invent that, right?
            But, what do I know?

             
            • I can tell you that most dentists make a boatload of money!! They are way better off than our humble family practitioners who get less than the cost of a cleaning for an office visit. The going price for a crown here in rural western North Carolina is around eight hundred dollars. Our dentist demands payment on-the-spot! Our office works with people who have problems.

               
  2. Until the empty suit is out of office, nothing in this economy is going to improve.

     

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