Housing Starts New Privately Owned Housing Units Started (Chart)

New Residential Construction. U.S. Department of Commerce. Thousand of units.

529,000 versus versus 2,207,000, February, 2005

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Original content Bob DeMarco, All American Investor

Bear Stearns Trash Still in the FED Roach Motel (Graph)

On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to Maiden Lane LLC under the authority of section 13(3) of the Federal Reserve Act. This limited liability company was formed to acquire certain assets of Bear Stearns and to manage those assets through time to maximize repayment of the credit extended and to minimize disruption to financial markets.

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New Residential Construction, Housing Starts (Graph)

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Showing signs of a bottom. However, not enough to stem the tide of unemployment. Might account for 300,000 new jobs.

Much of this surge is coming from new homes for investors with incomes in the $30,000 to $80,000 income brackets.

Housing starts are still running 46 below June, 2008. Permits are down 52 percent year over year.



HOUSING STARTS
Privately-owned housing starts in June were at a seasonally adjusted annual rate of 582,000. This is 3.6 percent above the revised May estimate of 562,000, but is 46.0 percent (±4.3%) below the June 2008 rate of 1,078,000.

Single-family housing starts in June were at a rate of 470,000; this is 14.4 percent above the revised May figure of 411,000.

The June rate for units in buildings with five units or more was 101,000.

BUILDING PERMITS

Privately-owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 563,000.

This is 8.7 percent is above the revised May rate of 518,000, but is 52.0 percent below the June 2008 estimate of 1,174,000.

Single-family authorizations in June were at a rate of 430,000; this is 5.9 percent above the revised May figure of 406,000.

Authorizations of units in buildings with five units or more were at a rate of 109,000 in June.

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The New Gas Station

Source Treehugger

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New Houses Sold --Still a Drag on the Economy (Graph)

New One Family Houses Sold: United States, Monthly, Thousands



Latest reading 356,000 versus 358,000 the previous month. The high 1,305,000 (October, 2004), the low 331,00 (January, 2009).

We should be coming into the seasonally strong period and this should give us a better idea about the prospects for new home sales. The average for April, May, June 2008 was around 860,000 units.

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Bob DeMarco is a citizen journalist and twenty year Wall Street veteran. Bob has written more than 500 articles with more than 11,000 links to his work on the Internet. Content from All American Investor has been syndicated on Reuters, the Wall Street Journal, Fox News, Pluck, Blog Critics, and a growing list of newspaper websites. Bob is actively seeking syndication and writing assignments.

Household Wealth Plunged In ‘08, Reversing Rise

Borrowing for second homes accounts for part of the large increase in debt over the last five years. This is something that is not being discussed or factored into the current housing situation. An enormous amount of second homes are going into foreclosure and even more are on the market for sale. This overhang in the housing market is likely to continue for a long time. Is anyone in the government discussing supply and demand as they look for a quick fix for the housing crisis?

The drop in the stock market is hurting the newly retired and really weighing on Baby Boomers.

clipped from blogs.wsj.com U.S. household wealth appeared to have plummeted in 2008 in the face of falling values for stocks and homes, a Federal Reserve report showed, more than reversing gains achieved over the previous three years. According to the Fed’s survey of consumer finances, released Thursday, average net worth is estimated to have fallen 22.7% from 2007 until October 2008. The median, or midpoint, fell a more modest 17.8%, suggesting declines were centered among wealthier families. The share of households with loan payments exceeding 40% of their income rose 2.5 percentage points between the 2004 and 2007 surveys, to 14.7%. Borrowing for second homes was a big factor pushing up debt between 2004 and 2007, the Fed said. –Brian Blackstone