October 16 Homebuilder Outlook Falls to Record Low
October 17 New Home Construction Plummets Again
October 24 Existing Home Sales Tumble 8 Percent
October 25 New Home Sales Rebound in September
Whoops. What's that doing in there? Don't those buyers understand that the end is nigh?
It will take at least three months of flat or very moderate growth before we'll be seeing any 'the worst is behind us' articles and there is a very good chance that September figures just reflect families wanting to get the kids into new schools. Nevertheless - I'll stick with my call that August marked the absolute bottom for housing nationally. Babies continue to be born at a markedly faster rate than oldsters are dying and that will be true until about 2021. Demand pressure should bring the market back to 2003 construction levels by spring of '09.
Barring a recession, of course.
Now, where's my umbrella?