Housing Starts Down to lowest level since 1991

The first step in getting the housing market in Santa Rosa back on track is to reduce the inventory of homes for sale (Santa Rosa Real Estate Home Inventory Stats) and at a national level, we are seeing the signs. Is this the beginning of the end of the housing crisis? Probably not. But it just may be the first sign that the market is turning.

clipped from news.yahoo.com The Commerce Department reported Thursday that construction of single-family homes dropped by 5.3 percent in June to a seasonally adjusted annual rate of 647,000 units, the weakest performance since January 1991, another period when the housing industry was going through a severe downturn. Private economists were not enthusiastic about by the housing report, however, stressing that the data was being skewed by the one-month spurt of activity in New York that was magnified by the fact that the government adjusts one-month changes to annual rates. Analysts predicted that housing will continue to be under strains for the rest of the year.