Housing starts, a measure of new home construction, fell by 4.5% in January from December. That’s down 21.4% from a year ago, according to data released Thursday by the Census Bureau. Starts in January fell to a seasonally adjusted annual rate of 1.31 million, down from the revised December estimate of 1.37 million. Housing starts had big drops in May and July last year, when spiking mortgage rates pushed many prospective home buyers to the sidelines.
With mortgage rates that have trended lower since November, builders have begun to feel more optimistic that conditions may improve in 2023. But a recent monster jobs report and inflation that isn’t cooling as quickly as most would like mean that inflation concerns remain, along with volatile mortgage rates. Building permits, which track the number of new housing units granted permits, rose slightly in January, up 0.1% from the revised December rate, and were down 27.3% from a year ago.
Yep America is doing so well with BIDEN as our so called President!
Fire Don Lemon
It must not be in its prime…
I guess build back better is no longer true
'even as mortgage rates moderated' they're at 6.3%, up from 2.7% in 12/2020, and the highest in 13 years.
Don Lemon is a sexist bigot!!!! donlemon CNN If I was him I would demand he be canceled. What a hypocrite! btw NikkiHaley will make a great President! . via slate
FIRE DON LEMON- sexist rant against women
Keep building more empty houses. No one is buying them
Well for starters inflation has NOT “cooled”. Wages also fell and that’s bad made worse BECAUSE inflation is so high!!!
I saw this browsing and maybe the right is accurate about ELITES RICH buying off our politicians to make a new world order where only the rich rule and we become the slaves to them. THEY NEED TO TEAR OUR COUNTRY APART FIRST. SEEMS LIKE IT IS HAPPENING
Seems to me maybe the right has a point. SEEMS a powerful faction has infiltrated the DEM party and is pulling the DEM leadership strings. Buying them off. I think they really are trying to blow up our system to try to make a NEW WORLD ORDER were the RICH will rule over us. SCARY
House building gone down because prices have gone up. Builders can't sell. Waiting for prices to go down. What was 27$ for a piece of plywood over 40$ now. inflation is 30 to 40% higher. can tuna was.90 is 1.50. BREAD was 1.79 now 2.89. NOTHING IS WORKING UNDER BIDEN. LIES
Good. Why keep building homes and not fix houselessness
Inflation the building materials are very very very expensive right now have you gone into a Home Depot and looked around
AMERICA IS BACK! 😂
What planet did inflation cool? Buy eggs or milk yet?
Very dangerous for rents/property taxes and then threaten worse inflation.
Your kidding… Get your information from a source that is in the real world… Wages are stalled so no buying power against stupid home prices. Even lowering int. rates can’t help… Herr comes the for closer cycle… Ask BoR about DOM…
Inflation has not cooled
No one can afford housing anymore. It’s rental feudalism now. Pay your feudal lord large sums of money every month and hope you have enough to feed you and yours.
I am waiting for house prices to drop before I buy one
'Developers won't want to build houses' and who will live in those houses no one can afford. Anything in the country work? Politicians would make a great sitcom, 24 hour news is rotting the minds of the people and no one can afford anything, yet everyone is still buying. Madness.
Mortgage rates went up and inflation is still sky high. I fixed it for you!
why are they all actors? is it a coincidence, I mean, it could be that they all just work in TV... but why not tell us that?
End America hating, commie loving, drug dealer loving Biden assault on our constitution, bill of rights NOW!
Hey maybe lower the prices of existing houses, or even just put them up for sale if no one is using them. Just a thought!
GOOD! Stop building developments that sit on thoroughfares passing through Townships, Bouroughs. Build towns w/sidewalks to schools, grocery stores, pharmacies, shops. Stop building “luxury” apt. buildings for Gen Z w/out kids, who in 5 years overwhelm school system w/their kids!
Who tf wants to pay $500k for a house only worth $150k? 😳
But joe biden says the economy is booming
DianaReichstein You end the statement with 2 lies, typical CNN Inflation still high as fuck and mortgage rates high as hunter biden
Building new homes for a generation that can’t afford the ridiculous home pricing doesn’t make sense. Some earning $22hr can barely make ends meet. Well at least in California state speaking. 🤷🏻♂️
Obviously haven’t been to Fairfax county Virginia they can’t put a McMansion on a patch of grass fast enough.
Two years ago my wife were in the market to build a home in Raleigh. The builders were jacking up the prices on a monthly basis, charging $50-$100k lot premiums. We said fuck it and bought an Airstream
Inflation has not cooled. Maybe month over month, but not year over year. And it's wayyy up since 2020 and 2021 still
Not sure we can agree on the words 'moderated' or 'cooled'
Existing home sales drop 1.5% in December .
The Federal Reserve's fastest interest rate - hiking cycle since the 1980s has pushed housing into recession .
Prices - loss of high paying positions - loan rates through the roof- frightening economy - discrepancies between the Democrats and the Republicans don’t help - war in Ukraine - mass killings all over America especially in the schools- the way the police treat the blacks in USA
Inflation cooled 😂
They've screwed us so hard that this generation (and previous) can't afford them anyway
Inflation hasn’t cooled hence the continued decline. I’d mentally prepare for more declines, home building is in for a rough year.
where are people seeing 'inflation cooling?' Apparently can't even think for themselves
Construction is a leading indicator of the economy. This is not good news, despite other strong aspects in the US. Hopefully, it will be a short-term condition.
Ok inflation cooled, but wages have in no way caught up and the fed rate is high.
Existing housing market has to be down as inventory is just not available.
The Biden Administration’s Economic Plan is obviously Not Working! Worst President ever to hold Office! Biden most days finishes his”work” and gone by 11:30! What a Joke! Crime, Vorder issue..China!! We are so screwed with this Dope in Office! C’mon man 😆
Kinda says a lot about the relative impacts if different sectors of the economy that mass layoffs in the tech sector have negligible impact on the economy, but a reduction in house construction is an alarm going off.
Median house price rises 2.3% from a year ago .
US home sales slump to 12- year low ; glimmers of hope emerging .
When did inflation 'cool'? 🤨
Maybe builders will be more diligent with their workmanship instead of turning out substandard products! We need more regulations in the construction industry to protect consumers!
I don't know anyone buying or building a new house.
Mortgage rates are sky high
who can afford $500,000 for a $175,000 house !
That's down 21.4% from a year ago .
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