Filed under: Bad news, Economic data, Housing, Recession

Housing starts posted a small gain in January 2008, but remained near two-decade lows, a sign the nation’s worst housing slump is far from over.

Housing starts increased 0.8% in January 2008 to a seasonally-adjusted annual rate of 1.01 million, in-line with the consensus estimate, the U.S. Commerce Department announced Wednesday. In December 2007, starts declined by a revised 14.8% to an annual rate of 1 million.

In January 2008, building permits declined 3.0%, single family housing starts fell 5.2%, and multi-unit housing starts plunged 22.3%.

Economist Steve Affinito told BloggingStocks Wednesday the January 2008 housing report still shows a housing sector in deep recession.

Continue reading U.S. housing starts post minor gain in January

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This entry was posted on Wednesday, February 20th, 2008 at 4:31 pm and is filed under Stocks Money News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.