New housing starts fall 10.6% in April

posted at 10:55 am on May 17, 2011 by Ed Morrissey

The housing market continues to decline sharply, according to the latest figures on new housing starts and residential building permits.  The Census Bureau reported today that the annualized rate of new residential starts dropped over 10 points from March to April, and that single-family starts dropped 5.1%.  Permit applications also declined by 4%, which indicates that no one sees much hope for renewed demand in the market:

Privately-owned housing units authorized by building permits in April were at a seasonally adjusted annual rate of 551,000. This is 4.0 percent (±1.1%) below the revised March rate of 574,000 and is 12.8 percent (±1.2%) below the revised April 2010 estimate of 632,000.

Single-family authorizations in April were at a rate of 385,000; this is 1.8 percent (±1.0%) below the revised March figure of 392,000. Authorizations of units in buildings with five units or more were at a rate of 143,000 in April.

Privately-owned housing starts in April were at a seasonally adjusted annual rate of 523,000. This is 10.6 percent (±13.0%)* below the revised March estimate of 585,000 and is 23.9 percent (±7.0%) below the revised April 2010 rate of 687,000.

Single-family housing starts in April were at a rate of 394,000; this is 5.1 percent (±10.2%)* below the revised March figure of 415,000. The April rate for units in buildings with five units or more was 114,000.

Housing completions rose in April, but that may not be good news.  With new starts going sharply downward, the completions mean a lack of work in the construction industry.  The decline will impact secondary industries for housing hard this summer, and unemployment will likely rise as a result.

The numbers for April represent the lowest in the two-year series, except for the short month of February this year.  The overall number of starts, 551,000, beat February’s 534,000, but otherwise is lower than the previous two-year low of 555,000 in October.  Single-family starts narrowly beat February’s 382,000 but the rest of the last 24 months showed single-family starts no lower than 403,000.

Reuters correctly notes that a glut of inventory is keeping the market depressed:

Housing starts and permits for future home construction fell in April as an overhang of homes on the market discourages builders from taking on new projects, pointing to prolonged weakness in the housing sector.

The Commerce Department said on Tuesday housing starts dropped 10.6 percent to a seasonally adjusted annual rate of 523,000 units. March’s starts were revised up to a 585,000-unit pace from the previously reported rate of 549,000 units.

Economists polled by Reuters had forecast housing starts rising to a 568,000-unit rate. Compared to April last year, residential construction was down 23.9 percent, the largest decline since October 2009.

Residential construction is being crowded out by an oversupply of used homes on the market, in particular, foreclosed properties, which sell well below their value.

The only solution for this is to produce more qualified buyers — and that means restarting massive job creation through pro-growth economic policies.  President Obama continues to signal that he will expand the regulatory state and focus on gimmicky, capital-destroying government interventions, which keeps capital on the sidelines.  With gas prices rising rapidly, the housing industry is correct to predict that the market will only get worse through 2011.

Update: Suitably Flip is suitably pessimistic about the economy after hearing this news.


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It’s technically not recovery “summer” yet!

What do you wingnuts expect?

mankai on May 17, 2011 at 10:59 AM

Thank you President Obama.
 
crr6 on May 1, 2011 at 10:45 PM

rogerb on May 17, 2011 at 11:00 AM

Mission Accomplished, President Obama.

NaCly dog on May 17, 2011 at 11:00 AM

Hey but remember I got OBL…

-dear leader

cmsinaz on May 17, 2011 at 11:01 AM

Wow, I never saw that coming….

sandee on May 17, 2011 at 11:02 AM

No worries, all the good new from Obumbles is being saved for October 2012 !

Sandybourne on May 17, 2011 at 11:02 AM

In more honest times, this would be called the second great depression – fully owned by the 0bama regime.

Rebar on May 17, 2011 at 11:03 AM

The union bosses will still love O’Bambi.

honsy on May 17, 2011 at 11:03 AM

why buy and pay for new when you can get a deal on a Foreclosurer or someone desperate to sell

jp on May 17, 2011 at 11:03 AM

Hey but remember I got OBL…

-dear leader

cmsinaz on May 17, 2011 at 11:01 AM

And he sealed the borders!
/

VegasRick on May 17, 2011 at 11:03 AM

Unexpectedly…

Mcguyver on May 17, 2011 at 11:03 AM

the new normal. Obama to America “get use to it!”

unseen on May 17, 2011 at 11:04 AM

Now is the time to buy! Deals are everywhere.

bbordwell on May 17, 2011 at 11:04 AM

The only solution for this is to produce more qualified buyers — and that means restarting massive job creation through pro-growth economic policies.

No, silly. The obvious answer is to re-start subprime lending to those who can’t afford it.

Duh.

catmman on May 17, 2011 at 11:07 AM

Recovery Summer, the sequel!!!!!

search4truth on May 17, 2011 at 11:08 AM

Look! I got Osama!
Look! I want to reform immigration!

Can somebody help me here? Newt?

John Deaux on May 17, 2011 at 11:08 AM

Wait until we are in debt and then mortgage rate are over 10% due to the federal debt and printing of money to pay for the debt.

Oil Can on May 17, 2011 at 11:09 AM

Contrast and compare. I think to say point out drops month per month, or prior year, misses the point. It is down 66% from 2007.

The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for April 2007:

BUILDING PERMITS

Privately-owned housing units authorized by building permits in April were at a seasonally adjusted annual rate of 1,429,000. This is 8.9 percent (±1.4%) below the revised March rate of 1,569,000 and is 28.1 percent (±1.5%) below the
revised April 2006 estimate of 1,987,000.

Single-family authorizations in April were at a rate of 1,063,000; this is 6.0 percent (±1.3%) below the March figure of
1,131,000. Authorizations of units in buildings with five units or more were at a rate of 306,000 in April.

HOUSING STARTS

Privately-owned housing starts in April were at a seasonally adjusted annual rate of 1,528,000. This is 2.5 percent (±9.3%)* above the revised March estimate of 1,491,000, but is 16.1 percent (±5.5%) below the revised April 2006 rate of 1,821,000.

Single-family housing starts in April were at a rate of 1,225,000; this is 1.6 percent (±9.5%)* above the March figure of 1,206,000. The April rate for units in buildings with five units or more was 267,000.

HOUSING COMPLETIONS

Privately-owned housing completions in April were at a seasonally adjusted annual rate of 1,523,000. This is 5.8 percent (±8.3%)* below the revised March estimate of 1,616,000 and is 26.0 percent (±5.9%) below the revised April 2006 rate of 2,058,000.

Single-family housing completions in April were at a rate of 1,261,000; this is 3.4 percent (±8.6%)* below the March figure of 1,306,000. The April rate for units in buildings with five units or more was 222,000.

New Residential Construction data for May 2007 will be released on Tuesday, June 19, 2007, at 8:30 A.M. EDT.

WoosterOh on May 17, 2011 at 11:09 AM

Also, down 75% from 2006.

WoosterOh on May 17, 2011 at 11:10 AM

Newt?

John Deaux on May 17, 2011 at 11:08 AM

Newt recently had his name changed to Next!.

VegasRick on May 17, 2011 at 11:11 AM

The house on the corner of our street has been for sale for over 18months. Sunday they had an open house, I don’t think a single viewer came by.

They are a 2 government worker family, they moved into a bigger house and apparently have been making 2 mortgage payments for 18 months. I find that insane.

The market here is pretty good due to all the gov workers. They are building lots of new houses, however they are getting cheaper, last year it was $120K homes, the newest start the signs say $90K homes.

I think when the defense budget gets cuts, this market will tank as well.

orbitalair on May 17, 2011 at 11:11 AM

I have no idea how new housing starts can still be dropping. What is -10.6% from zero?

I work in the southwest suburbs of Chicago, which were for decades one of the fastest growing areas in the country. There isn’t a new construction project anywhere to be seen down here or in NW Indiana — another blizzard of construction during the Bush presidency.

Construction is dead.

Jaibones on May 17, 2011 at 11:14 AM

orbitalair on May 17, 2011 at 11:11 AM

The two houses on my block that had been on sale for 2+ years finally did get sold, but there are now 2 others on sale. Plus there are two that have been vacant for over a year.

rbj on May 17, 2011 at 11:15 AM

Copper thieves hardest hit.

Bishop on May 17, 2011 at 11:15 AM

Well surprise,surprise, surprise….not.

These numbers are no surprise to us in “flyover country”. Go into any smaller town, like mine and you’ll find a high percentage of guys in “the trades” out of work.

They have posts up in the local supermarkets, “handyman…will do work”, they’re sitting in the local bars, having a beer,talking how they’ve been out of work now for 2-3 years and hopefully picking up small “jobs” here and there, they’re settling for temp jobs in local factories or townships….to pay the bills/save their homes.

These guys break my heart and I wish TPTB in DC would start putting those pitiful numbers onto actual faces.

I loathe this administration.

tencole on May 17, 2011 at 11:19 AM

Obama administration is once again forcing banks to give mortgages to people who can’t afford them. Which is precisely what got us into the financial mess we are in today.

Leftism 101: If policy proves to be bad, double down!

b/w

The foundation of Modern Liberalism is economic illiteracy.

visions on May 17, 2011 at 11:19 AM

he gonna pay my mortgage for me…
/peggy joseph

ted c on May 17, 2011 at 11:21 AM

Newt recently had his name changed to Next!.

VegasRick on May 17, 2011 at 11:11 AM

now that’s funny!

ted c on May 17, 2011 at 11:22 AM

I guess if these folks want to survive they will have to pull up stakes and go to the places that have experienced devastation due to fires, tornadoes and floods. I am sure that’s much easier said than done.

Cindy Munford on May 17, 2011 at 11:22 AM

We we’re thinking of getting a bigger house, but scrapped the idea. The government’s recklessness is making me too nervous. We’re going to just hunker down and pay off the mortgage ASAP – before the State can get their meathooks into it.

forest on May 17, 2011 at 11:24 AM

Reuters correctly notes that a glut of inventory is keeping the market depressed:

Nope.

Prices are too high. That is what is keeping the market depressed. To paraphrase James Carville…IT’S THE PRICE STUPID!

angryed on May 17, 2011 at 11:25 AM

When was the last time I passed by a house under constuction?

Hmmmm…..

Can’t remember.

turfmann on May 17, 2011 at 11:25 AM

We’re going to just hunker down and pay off the mortgage ASAP – before the State can get their meathooks into it.

forest on May 17, 2011 at 11:24 AM

I would advise against that. With massive inflation coming, a 30 year loan is a good thing to have. A $2000 mortgage today will be a $200 mortgage in 2020 dollars.

angryed on May 17, 2011 at 11:27 AM

Now is the time to buy! Deals are everywhere.
 
bbordwell on May 17, 2011 at 11:04 AM

 
Expect to see this on Obama 2012 bumper stickers.

rogerb on May 17, 2011 at 11:29 AM

In our County we went from a mean price in 2007 of 619,000 to a 2011 mean of 315,000.That makes a lot of folks upside down in their mortgages. I just read yesterday that fully half of the sales this year were foreclosure or short sales.

sandee on May 17, 2011 at 11:29 AM

When was the last time I passed by a house under constuction?

Hmmmm…..

Can’t remember.

turfmann on May 17, 2011 at 11:25 AM

We’ve got lots of new places going up; but they’re all urban-sprawl McMansion cr@pola. I doubt if some of those places will last two generations before they start developing serious problems.

Uncle Sams Nephew on May 17, 2011 at 11:31 AM

In our County we went from a mean price in 2007 of 619,000 to a 2011 mean of 315,000.That makes a lot of folks upside down in their mortgages. I just read yesterday that fully half of the sales this year were foreclosure or short sales.

sandee on May 17, 2011 at 11:29 AM

What was it in 2000? I’d guess about 300K? Houses were WAY overvalued in 2007. Falling by 50% is a good thing. Houses are slowly getting back to normal. We have another year or two to go, but we’ll get there. Anyoone who bought in 2007 at the peak will lose a lot of money. Just like anyone who bought .com stocks in 1999 lost a lot of money. That’s how bubbles go.

angryed on May 17, 2011 at 11:33 AM

orbitalair on May 17, 2011 at 11:11 AM

Good grief! In my area of Sydney, don’t even think below $700K!

OldEnglish on May 17, 2011 at 11:33 AM

What was it in 2000? I’d guess about 300K? Houses were WAY overvalued in 2007. Falling by 50% is a good thing. Houses are slowly getting back to normal. We have another year or two to go, but we’ll get there. Anyoone who bought in 2007 at the peak will lose a lot of money. Just like anyone who bought .com stocks in 1999 lost a lot of money. That’s how bubbles go.

angryed on May 17, 2011 at 11:33 AM

It’s not a good thing for those people who lost their homes…

sandee on May 17, 2011 at 11:36 AM

So, what will the coming loss of the mortgage deduction do to this?

SKYFOX on May 17, 2011 at 11:37 AM

“This is a big f***ing deal….”

- Joe Biden

Mcguyver on May 17, 2011 at 11:38 AM

angryed on May 17, 2011 at 11:27 AM

Yes, I’ve considered that. My parents made out pretty well with their low % mortgage when inflation went up in the 70s-80s. But I don’t want to owe anyone anything – especially not Fannie or Freddie and they could be assigned the loan.

And the interest gets all stacked up front while over-payments get applied to principal, which I like.

One thing is for sure, I’m in no mood to take on any debt for any reason right now with these reckless idiots making a mess of things.

forest on May 17, 2011 at 11:43 AM

The most intelligent president ever can’t be bothered with these small details.

Tony Bennett.

(stupid wingnuts caused the problems in the first place) /

hawkdriver on May 17, 2011 at 11:45 AM

It’s not a good thing for those people who lost their homes…

sandee on May 17, 2011 at 11:36 AM

Those people should never have been in the homes to begin with. Here is an example of a person who (sob, sob, sniff, sniff) lost his precious home. This story’s angle is the big bad evil mortgage companies preyed on minorities. But the real story is that someone making #14K a year bought a $720K house. Millions of people like him bought houses during the boom. Am I supposed to feel sorry for them?

Hollister – Despite making only $14,000 a year, strawberry picker Alberto Ramirez managed to buy his own slice of the American Dream. But his Hollister home came with a hefty price tag – $720,000.

A year and a half later, Ramirez has defaulted on his loan, and he’s hoping to sell the house before it’s repossessed. And according to many housing advocates and civil rights groups, Ramirez is not alone. As mortgage foreclosures rise, many minorities are suffering.

angryed on May 17, 2011 at 11:47 AM

We’ve got lots of new places going up; but they’re all urban-sprawl McMansion cr@pola. I doubt if some of those places will last two generations before they start developing serious problems.

Uncle Sams Nephew on May 17, 2011 at 11:31 AM

What we are seeing is that the $120k homes, while 3000sq feet are not finished out, i.e. they have extremely cheap fixtures, finishings, trim, no patios, etc. (and they are built in a swamp but thats just a local funny)

I imagine these new $90k homes will be 2000sq feet or less, more like the starter homes of the 80s, cheap, with siding, no brick. And yeah after 20yrs they look like crap and and will be falling apart.

Redstone Arsenal got a lions share of BRAC jobs, and they are expanding a lot. But when defense/NASA gets cut again, its gonna be a hit to them and contractors. Wonder what will happen to the base $1billion dollar building frenzy out there?

Related , big companies like Target a building sprawl here too. I hate it, because they cleared trees simply to build a strip mall with a regular Target not 200 yards from a already DEAD shopping center. Why couldn’t they RECYCLE dead shopping centers????

Sydney? Australia? I’d love to visit, but your housing probs are your own…hehe. j/k.

orbitalair on May 17, 2011 at 11:48 AM

angryed on May 17, 2011 at 11:47 AM

Well my name isn’t Ramirez, but my Husband and I lost our home to foreclosure last year. No we were not deadbeats. Our problem was no work. My husband owned a Construction company in Ca. Unfortunately there were no jobs. A year of no employment to speak of and our savings and retirement was gone. He has a job now, but makes in a week what he made in a day.

sandee on May 17, 2011 at 11:52 AM

Yes, I’ve considered that. My parents made out pretty well with their low % mortgage when inflation went up in the 70s-80s. But I don’t want to owe anyone anything – especially not Fannie or Freddie and they could be assigned the loan.

And the interest gets all stacked up front while over-payments get applied to principal, which I like.

One thing is for sure, I’m in no mood to take on any debt for any reason right now with these reckless idiots making a mess of things.

forest on May 17, 2011 at 11:43 AM

Being debt free is a good thing. I haven’t owed a dime to anyone in years and it is nice. But on the other hand if inflation keeps eating the value of the $, long term debt might not be a bad idea. What it ends up being is a decision of what you think inflation will be long term. If it’s higher than your interest rate, debt is good.

As for Fannie or Freddie owning the debt, who cares? I’ve heard this logic before. I don’t want to take out a loan from a shaky lender, what if they go under? Who cares?? If Fannie goes under, your mortgage doesn’t change. All that happens is someone else buys the note. You as the borrower are unaffected.

angryed on May 17, 2011 at 11:52 AM

Sydney? Australia? I’d love to visit, but your housing probs are your own…hehe. j/k.

orbitalair on May 17, 2011 at 11:48 AM

Indeed. I was merely pointing out that Australians can’t get a cheap first home – at all.

OldEnglish on May 17, 2011 at 11:54 AM

Well my name isn’t Ramirez, but my Husband and I lost our home to foreclosure last year. No we were not deadbeats. Our problem was no work. My husband owned a Construction company in Ca. Unfortunately there were no jobs. A year of no employment to speak of and our savings and retirement was gone. He has a job now, but makes in a week what he made in a day.

sandee on May 17, 2011 at 11:52 AM

Wow, way to miss the point of the article. Doesn’t matter if your name is Ramirez or Smith. The point is someone with $14K income bought a $720K house. Which is why values of houses skyrocketed. That house was probably $200K in 2000. And it is worth $250K today. It never should have been worth $720K in the first place.

You see the drop between $720K to $250K as a problem. I see it as getting back to normal.

angryed on May 17, 2011 at 11:55 AM

Wow, way to miss the point of the article. Doesn’t matter if your name is Ramirez or Smith. The point is someone with $14K income bought a $720K house. Which is why values of houses skyrocketed. That house was probably $200K in 2000. And it is worth $250K today. It never should have been worth $720K in the first place.

You see the drop between $720K to $250K as a problem. I see it as getting back to normal.

angryed on May 17, 2011 at 11:55 AM

I don’t miss the point of the article.The prices were what they were in this area when we bought.Yes they were over priced, but we didn’t buy over our means. It was the loss of jobs that caused us to lose our home.

sandee on May 17, 2011 at 11:59 AM

He has a job now, but makes in a week what he made in a day.

sandee on May 17, 2011 at 11:52 AM

Sorry to sound harsh, but what this means is that your husband was overpaid by 500% at his old job. And it was construction which means he made all the money because the $14K picker was buying $720K houses.

It was all a bubble loop. People bought more house than they could afford. Builders charged more. Rinse. Repeat. Rinse. Repeat. Until one day all the $14K pickers owned homes and there was no one left to build for.

And it all unraveled. But again, it never should have been there to begin with. No different than NASDAQ falling for 5000 to 1000. People lost their entire life’s savings in .com stocks. That’s how bubbles work. And in a few years there will be another bubble and the same things will happen yet again. And when it’s over the “victims” will cry that they were innocent bystanders.

angryed on May 17, 2011 at 12:03 PM

angryed on May 17, 2011 at 12:03 PM

Sorry you don’t know anything about our situation,so I’ll agree to disagree….

sandee on May 17, 2011 at 12:05 PM

I don’t miss the point of the article.The prices were what they were in this area when we bought.Yes they were over priced, but we didn’t buy over our means. It was the loss of jobs that caused us to lose our home.

sandee on May 17, 2011 at 11:59 AM

But your husband’s job was there only because of the bubble that created the overpriced housing. That construction job wouldn’t have exited without the $14K income buyer creating demand for $720K houses. Or if it had existed, it would have paid a fraction of what it was paying.

angryed on May 17, 2011 at 12:07 PM

Sorry you don’t know anything about our situation,so I’ll agree to disagree….

sandee on May 17, 2011 at 12:05 PM

Yeah I know your situation perfectly. I’ve heard the stories 1000 times before. And it’s always the same denial of reality.

angryed on May 17, 2011 at 12:09 PM

The only solution for this is to produce more qualified buyers — and that means restarting massive job creation through pro-growth economic policies.

That’s not the only solution, Ed.

Lenders are already getting pressure to lend to unqualified buyers again from the government. Once again, they’re going to do the same stupid thing and expect a different result.

BacaDog on May 17, 2011 at 12:22 PM

Uh, inventory? No, the problem is all the potential buyers out of work. The ones that have an occupation that will support a house that is.

Have all the folks who couldn’t actually afford a house been washed out yet?

dogsoldier on May 17, 2011 at 12:23 PM

“…(S)ome people should just rent.” Obama

Fallon on May 17, 2011 at 12:22 PM

He’s right. Not everyone should own a mortgage, err I mean house.

angryed on May 17, 2011 at 12:23 PM

The economy might come back even before Obama leaves office if we decided on a candidate, who is focused on the economy. (No I am not pushing just Romney, any of them who would be focused on the economy.)

If we chose someone and they were way ahead… and ahead of Obama by a large margin too. The economy could start recovering with the expectation that a new President would bring a more secure business climate.

I don’t want to wait until 2013! And re-electing Obama would make this last another four years!

petunia on May 17, 2011 at 12:38 PM

sandee on May 17, 2011 at 11:52 AM

I understand we were in circumstances almost like that, a little better, but it has been a rough few years.

Actually we were among the first hit in 2007, because–long story,…. well anyway we are pretty much recovered, making about the same, no investments or retirement to speak of really, but we had to move to get the income back. We had always wanted to move, but we never could give up the money to do it… then when we had to move, we found we didn’t really take as much a cut as we thought. We should have done it much earlier, without the economy forcing it.

But if you are in construction… that is worse. This stuff makes me ill, to think about how much suffering there is. Because I know first hand… it wasn’t dishonesty, it was circumstances. It is so unfair.

Our confidence is shaken.

petunia on May 17, 2011 at 12:47 PM

Where is the real crr? Pathetic.

CWforFreedom on May 17, 2011 at 12:51 PM

“…Some people should just rent.” Obama

Fallon on May 17, 2011 at 12:22 PM

That’s Bahney Fwank’s new position too! Incroyable.

slickwillie2001 on May 17, 2011 at 12:56 PM

It’s time to throw George Bush in prison because he keeps messing up the economy………said the Democon’s in unison.

wtng2fish on May 17, 2011 at 1:04 PM

“…Some people should just rent.” Obama

Fallon on May 17, 2011 at 12:22 PM

That’s Bahney Fwank’s new position too! Incroyable.

slickwillie2001 on May 17, 2011 at 12:56 PM

Why is this a bad thing? Are you saying 100% of people should own a house? The bubble was formed precisely because of this mentality….everyone is entitled to own, no matter if you only make $14K a year, you deserve a $720K house.

Some people should just rent. Actually more than just some. A lot of people should just rent. Home ownership has historically been 50-60%. In the 2000s it got up to 70%. And with the expected results of massive foreclosure by people who had no business owning a new car, let alone a house.

When you “own” a $720K house with 0% equity in the house, you don’t own anything other than a lot of debt.

angryed on May 17, 2011 at 1:05 PM

Why is this a bad thing? Are you saying 100% of people should own a house? The bubble was formed precisely because of this mentality….everyone is entitled to own, no matter if you only make $14K a year, you deserve a $720K house.

angryed on May 17, 2011 at 1:05 PM

Entitlement-mindedness =/= home ownership, which is one of the most basic tenants of America. People immigrated by the millions to get out of the overcrowded European cities own a freaking log cabin in the middle of nowhere.

Uncle Sams Nephew on May 17, 2011 at 1:19 PM

Residential construction is being crowded out by an oversupply of used homes on the market, in particular, foreclosed properties, which sell well below their value.

What this typically ignorant journalist is trying to say is that many homes are selling below their replacement cost and new construction doesn’t pencil out at that price point.

As inflation worms its way into the broader economy, construction costs will rise but wont translate into higher prices for new or existing homes due to an over supply that will not be absorbed any time soon.

RadClown on May 17, 2011 at 1:25 PM

Entitlement-mindedness =/= home ownership, which is one of the most basic tenants of America. People immigrated by the millions to get out of the overcrowded European cities own a freaking log cabin in the middle of nowhere.

Uncle Sams Nephew on May 17, 2011 at 1:19 PM

In the 1950s, home ownership was around 60%. Which means 40% rented. Are you saying 40% of 1950s American citizens was not living up to the basic tenants of America?

angryed on May 17, 2011 at 2:00 PM

How ungrateful of us for not appreciating Obama for bringing down the price of homes.

High gas prices, high food prices, high education costs, but hey, new homes are down, so Obama is great, forget about the fact your investment in the property you now own has tanked.

WoosterOh on May 17, 2011 at 2:01 PM

Wood mills are empty. People are getting desperate. Hope and change is fast becoming rope and chains…

psychocyber on May 17, 2011 at 2:50 PM

angryed on May 17, 2011 at 1:05 PM

It’s not the new position, it’s the astounding flip-flop and hypocrisy.

slickwillie2001 on May 17, 2011 at 3:16 PM

Are you saying 40% of 1950s American citizens was not living up to the basic tenants of America?

angryed on May 17, 2011 at 2:00 PM

The tenant was that most anybody could own their home, not that they did. Also in the 50′s, the Civil Rights movement hadn’t yet happened; minorities were completely locked out and not by big-gov’t nonsense.

The left is all too eager to have us all renting apartments in the city – easier to control that way.

Uncle Sams Nephew on May 17, 2011 at 3:40 PM

10.6% in April

It is surprising that it is doing this well: Union Pacific, our largest railroad, is carrying 50% less lumber than a year ago.

burt on May 17, 2011 at 4:13 PM

Yet another sign of the recovery.

Dr. ZhivBlago on May 17, 2011 at 4:32 PM