Home building plunges in Jan.
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Housing construction plunged to the lowest level in nearly a decade last month as the housing industry continued to struggle with a severe slowdown.
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RIVERVIEW, Fla., Jan. 25 -- Piece by piece, as the economy has faltered and as the subprime mortgage crisis has taken hold, Ivan Toledo's grasp on his job, his house -- his entire middle-class life -- has come undone.
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U.S. housing starts fell 3.7 percent in November, with construction of single-family homes sliding to the lowest level in more than 16 years as builders scrambled to cope with a deep drop in sales.
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Sales of new U.S. homes fell 16.6 percent in January and prices were little changed as the number of new homes on the market decreased slightly, according to a government report on Wednesday showing some weakness in the unsteady housing sector.
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Construction of new homes fell in May as the nation's homebuilders continued to struggle with a steep housing slump that has been exacerbated by rising problems with mortgage defaults.
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Industrial output fell in January by the largest amount in 17 months, reflecting huge cutbacks at auto factories and weakness in housing-related industries.
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The pace of U.S. home construction fell 14.3 percent in January, the sharpest drop since October that bucked two months of increases and that was much worse than economists had expected, a government report on Friday showed.
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A jump in starts on single-family housing pushed total U.S. housing starts to a nearly 21-year high in January, but home mortgage applications dipped last week, according to data reported on Wednesday.
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Declining land and home values prompted home builder Hovnanian Enterprises Inc  to report results far worse than Wall Street expectations and one the important spring selling season may offer little relief.
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Ground-breaking on new U.S. homes last  month fell to the slowest pace since 1991 and fewer building  permits were issued than any time since 1993, according to  government data released Thursday that points to a deepening  housing crisis and heightened risk of recession.
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KB Home, one of the nation's biggest builders, yesterday posted an unexpectedly large $772.7 million quarterly loss as industry experts predicted more dismal results from other builders in coming weeks and said a turnaround in the housing market may not come until 2009 or beyond.
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The number of newly-built US homes fell to the lowest level for nearly a decade in January, official figures show.
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The prolonged slump in housing pushed new home construction in 2007 down by the largest amount in 27 years with the expectation that the downturn has further to go.
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Home builders slammed on the brakes in August as starts on new homes sank to their lowest level in more than three years, and a drop in permits signaled more weakness ahead for the real estate market.
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Housing starts fell 3.7 percent in  November, with construction of single-family homes sliding to  the lowest level in more than 16 years as builders scrambled to  cope with a deep drop in sales.
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Housing starts fell to their lowest level in 12 years last month, while permits for new construction also declined, pointing to a further weakening of an already battered housing market.
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Sales of new U.S. homes fell 16.6  percent in January and prices were little changed as the number  of new homes on the market decreased slightly, according to a  government report on Wednesday showing some weakness in the  unsteady housing sector.