Just off the wires in the latest housing news…
WASHINGTON (MarketWatch) — Construction of new homes dwindled to the second-lowest level in 50 years last month, as home builders sought to reduce the number of unsold inventories in an elusive quest to find the bottom of the historic housing collapse, according to government data Friday.
Housing starts fell 6.3% in September to a seasonally adjusted annual rate of 817,000, the lowest since January 1991 and just 19,000 above the record low, the Commerce Department estimated.
Starts of single-family homes tumbled 12% to an annual rate of 544,000, the lowest since February 1982 and the fourth-lowest ever. Read the full government report.
Housing starts were also revised lower in July and August. Starts in August were revised to 872,000, down from 895,000.
Of course, the big question is how can this be GOOD news?
It comes down to
