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You've sent in lots of pictures of uncompleted housing developments and empty lots for sale, and now we've got the latest numbers to tell us just how bad the construction slowdown is. Housing starts fell to a record low last month, dropping 12.8 percent from the month before. Analysts had predicted a slight increase. According to the Census Bureau, housing starts were at a annual rate of 458,000 in April, a 54.2% decline from April 2008.
Over at Calculated Risk, they're comparing quarterly housing starts and new home sales:
In 2005, and most of 2006, starts were higher than sales, and inventories of new homes rose sharply. For the last six quarters, starts have been below sales — and new home inventories have been falling.
There is one green shoot in the latest housing numbers — single family housing starts increased 2.8 percent in April, the second increase in 2 months.
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