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Housing starts fell to a seasonally adjusted annual rate of 817,000, a 6.3 percent decline from the month before and more than 31 percent below September of a year before.
It is the lowest monthly rate for home starts since January 1991.
One analyst—-Patrick Newport of Global Insight—-predicted the record-breaking low would be “shattered” in October. But, he also believes that “the market will rebound about the middle of 2009, assuming that credit starts flowing soon through the financial system.”
I, for one, am energized! Things can’t get much worse than this. Sure, we got some hard times ahead to weather. But, then, we’ll start to run out of houses, and eventually we’ll need to build some more.