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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: mishedlo who wrote (25919)12/16/2004 12:30:56 PM
From: MulhollandDriveRead Replies (3) of 306849
 
Every so often, know it all trolls like you appear out of nowhere gloating about this that or the other thing. Typically trolls mark at least an intermediate top

almost uncanny, isn't it?

schaeffersresearch.com

Housing Starts Slump
Jocelynn Drake (jdrake@sir-inc.com)
12/16/2004 10:24 AM ET

The housing sector has had the wind knocked out of it this morning. The Commerce Department reported that November U.S. housing starts plunged 13.1 percent, marking the sharpest decline in more than a decade. Starts came in at a seasonally adjusted rate of 1.77 million units versus Street forecasts for a rate of 1.99 million units.

What's more, starts are now at their lowest level since May 2003.

Over the past year, total housing starts have declined by 13.8 percent.

According to the report, housing starts declined in every region of the country and across every subcategory. The Midwest saw a 19.4-percent drop to 312,000 -- its lowest level since February 2003. Starts in the Northeast plunged 14.2 percent to 151,000, while the West saw a 13.2-percent decline to 468,000. The South saw a 10.4-percent slump to 804,000 -- its lowest level since June 2003.

In addition, single-family starts tumbled by 11.7 percent to 1.44 million units.

The PHLX Housing Sector Index (HGX -- 457.07) has shed more than two percent this morning. Technically speaking, the index has rallied along the support of its 10-week and 20-week moving averages since March 2003.
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