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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: tradermike_1999 who started this subject11/21/2002 1:05:12 AM
From: elmatador   of 74559
 
US new home sales plunge in October
FT - By John Labate in New York Published: November 20 2002 15:46 | Last Updated: November 20 2002 15:46

US new housing starts tumbled 11.4 per cent in October, well below analyst expectations, according to official government report issued on Wednesday.
Coming after a strong September reading, the October drop was the biggest decline since January 1994.
The housing figures renewed debate about whether the housing boom, which has been among the brightest stars in an otherwise mixed economic picture, was coming to an end.

The Commerce Department reported that housing starts in October totaled 1.6m in Ocober, below the 1.7m figure that analysts were expecting. In September housing starts were unexpectedly strong, up 13.3 per cent from the previous month.

"These data are really mixed," said Maury Harris chief US economist at UBS Warburg. "Housing starts were less than expected but permits were more than expected. If permits are higher and starts are lower you don't get too excited."
The Commerce release reported that permits for housing construction rose from 1.73 in September to 1.76 in October.
There were other signs that if the housing market is set for a fall, it may continue at strong levels. On Tuesday the National Association of Home Builders released its monthly sentiment index for October, which rose from 62 to 65, its highest reading this year.
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