Thursday, November 19, 2009

Housing Starts Drop

From the Census:

Privately-owned housing starts in October were at a seasonally adjusted annual rate of 529,000. This is 10.6 percent (±8.7%) below the revised September estimate of 592,000 and is 30.7 percent (±8.3%) below the October 2008 rate of 763,000.

However, let's put that number in visual perspective:

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The total annual pace of housing starts (1 unit) has been between 476,000 -511,000 for the last five months. So far, that looks like a low-level range. In addition,

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Total starts have been in a roughly 100,000 unit range for 10 months.

Right now, it looks like we're bottoming.