Everything has slowed
Residential housing building permits authorized are down nearly 25% down from October 2008 while housing starts were down 30.7% from October 2008 and down 6.8% from September of this year. Not surprisingly, housing completions are down 30% below October 2008 as well, according to the US Commerce Department.
With permits, starts and completions down so drastically in just one short year, the real estate industry is feeling the pain of the recession.
Washington, D.C. area Realtor, Craig Barrett said, “it honestly shouldn’t be a surprise to anyone that housing starts, permits, and completions are down with unemployment and underemployment where it is.”