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And if that wasn’t enough, we received even more good news from the government last week: housing starts in November fell 3.7 percent from a month earlier. And in daring to compare it to November 2006, the 1,187,000 starts are 24.2 percent lower.

Single-family housing starts were at a rate of 829,000; this is 5.4 percent below the October figure of 876,000.

Also down were building permits. In November, there were 1,152,000 issued compared with 1,170,000 in October.

The only positive aspect out of the report is it means fewer houses mean people will be able to obtain mortgages and then default on them and then have the house foreclosed.

 

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