Home Construction Plunges, Foreclosures Soar

Lots of bad housing news out today. The Commerce Dept. reports a 10.8% decline in new home construction to an annual rate of 510,000. That’s the second worst number in 50 years. The government said permits filed for new projects was down 9%. This is worse than folks had thought a reversal of the trend from February which had been surprisingly strong, mostly due to new apartment construction.

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