New home construction falls 25% in 2007 to lowest in 15 years
Jan. 17, 2008 -- WASHINGTON (MarketWatch) -- Construction on new homes fell 14% in December to a seasonally adjusted annual rate of 1.01 million, the slowest building pace in more than 16 years, the Commerce Department reported Thursday.
The gruesome figures show builders are cutting back on production at a furious pace to try to work off a large backload of unsold homes. The bad news is that housing is still contracting; the good news is that the sooner builders stop adding supply to overbuilt markets, the sooner the housing market can recover.
Housing starts for single-family homes in the West fell 16% to the lowest level since the data were first collected in 1959.
National housing starts were lower than the 1.12 million pace expected by economists surveyed by MarketWatch. The pace of housing starts for October and November were also revised lower.
Compared with December 2006, monthly housing starts were off 38%, the biggest year-over-year decline since 1980.
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