August Homebuilding: fewest homes in 12 years

September 19, 2007
August Homebuilding: fewest homes in 12 years

Home builders in August began construction on the fewest homes in 12 years, the Commerce Department reported Wednesday.

The 2.6% decline, to a lower-than-forecast annual rate of 1.331 million, followed July's 1.367 million. Building permits dropped 5.9%, to a 1.307 million pace, also the lowest since 1995.

"We don't expect sales to bottom out until late this year, and prices will likely moderate even further," says John Silvia, chief economist at Wachovia.

Home sales: Worst drop in 18 years

April 24, 2007
Home sales: Worst drop in 18 years

NEW YORK (CNNMoney.com) -- Home sales posted their sharpest drop in 18 years in March, a real estate group said Tuesday, as problems in the subprime mortgage sector pushed sales well below what economists had forecast.

Sales of existing homes fell 8.4 percent to an annual rate of 6.12 million in March from February's 6.68 million rate, the National Association of Realtors said. It was the biggest one-month drop since January 1989. Economists surveyed by Briefing.com had forecast sales would fall to an annual rate of 6.45 million in March.