The housing market is the U.S. unexpectedly «dipped» in October, almost 12%

18.11.2010 10:14
Real Estate Market Analysis | The housing market is the U.S. unexpectedly «dipped» in October, almost 12% The volume of construction of new homes in the U.S. in October 2010. unexpectedly fell - by 11,7% compared to the previous month, reported today in its report, the Commerce Department. The indicator fell by 69 thousand, reaching 519 thousand units - the minimum level for the past 1,5 years.

The data presented were a surprise to analysts: according to Reuters experts predicted that the figure for last month will increase to 600 thousand units after falling 4.2% in September.

Number of permits issued for construction of new homes in October increased by 0,5% - to 550 thousand units (the consensus forecast - 570 thousand). On an annualized basis (compared with October 2009.) Construction volume decreased by 1.9% and the number of building permits - by 4%.

The most depressed in terms of construction are the southern and western parts of the U.S. - a decline by 13% and 30% respectively. Basically, the reduction rate was due to lower volumes of construction of apartment buildings.
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