Privately-owned housing starts in December 2008 were at a seasonally adjusted annual rate of 550,000. This is 15.5 percent below the revised November 2008 estimate of 651,000 (click on chart to enlarge).
Prices of U.S. single-family homes plunged a record 18.0 percent in October from a year earlier, Standard & Poor's said last month, with the drop in prices accelerating as unemployment rose.
Bottom line. The housing downturn is far from over and prices will continue to weaken. The economy cannot improve without a strengthening housing sector.
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Since 1977
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