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Surprise Plunge In New Home Construction
By Alan Zibel |
November 19, 2009, Thursday
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Print Edition
Print Edition
CONSTRUCTION of new homes unexpectedly plunged last month, as builders waited to see whether US lawmakers would extend a tax credit for home buyers.
The results underscore how much the housing market has been relying on government support for its fledgling recovery. The tax credit of up to US$8,000 for first-time owners was due to expire on November 30, but Congress voted to extend it earlier this month and expand it to more buyers, after intense pressure from real estate agents and home builders.
A strong housing market is needed to support a broad economic recovery.
The Commerce Department yesterday said construction of new homes and apartments fell 10.6 percent in October to a seasonally adjusted annual rate of 529,000, from an upwardly revised 592,000 in September. Economists polled by Thomson Reuters expected a pace of 600,000.
The results underscore how much the housing market has been relying on government support for its fledgling recovery. The tax credit of up to US$8,000 for first-time owners was due to expire on November 30, but Congress voted to extend it earlier this month and expand it to more buyers, after intense pressure from real estate agents and home builders.
A strong housing market is needed to support a broad economic recovery.
The Commerce Department yesterday said construction of new homes and apartments fell 10.6 percent in October to a seasonally adjusted annual rate of 529,000, from an upwardly revised 592,000 in September. Economists polled by Thomson Reuters expected a pace of 600,000.
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