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US housing starts fall to 17-1/2 year low
WASHINGTON - Construction starts on U.S. homes fell to a new 17-1/2 year low in September as builders scaled back amid a worsening housing slump and growing turmoil in financial markets that also helped pushed permits for new homes to a nearly 27-year low.
The Commerce Department reported on Friday that starts on new homes fell 6.3 percent to a seasonally adjusted annual rate 817,000 units, their slowest pace since January 1991. This was well below the 880,000 rate that Wall Street economists polled by Reuters had expected.
With falling home prices, soaring foreclosures and financial turmoil making it more difficult for prospective home buyers to get a mortgage, builders were clearly bracing for a deeper downturn. In September, new applications for building permits fell 8.3 percent to an annual rate of 786,000.
This was the weakest rate for permits since November 1981, and was below forecasts for an 850,000-unit rate. The rate of new permits was in September was 38.4 percent below that of September 2007, while total housing starts for the month showed a 31.1 percent year-on-year drop.
The September rate of starts on single-family homes fell 12.0 percent to a 544,000-unit annual rate, the slowest pace since August 1982.
The data added to a gloomier tone in financial markets, helping U.S. stock index futures to extend their losses, pointing to a lower open. Treasury debt prices strengthened and the dollar weakened.
"Obviously weaker than expected in terms of the consensus, however it is not necessarily a surprise following yesterday's resumed drop in home builder sentiment," said Stephen Malyon, chief currency strategist at Scotia Capital in Toronto. "With mortgage rates once again climbing, housing related numbers are likely to disappoint in the months ahead."
Construction starts for multifamily units, however, rose 7.5 percent to an annual pace of 273,000 units. Multifamily permits, however, fell 16.4 percent to 254,000 units.
Single family home starts in the Midwest, Northeast and West all registered their lowest paces since records started being kept in 1959. The Northeast pace fell 4.8 percent to 59,000 units, the Midwest pace fell 24.1 percent to 85,000 units and the West pace fell 17.7 percent to 116,000 units. The South's single-family hosuing start pace fell 6.3 percent to 284,000, the slowest pace since January 1991.
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