New building is set to go to zero, apparently. Permits for new construction clocked a measly 616K, s.a.r., which is nearly 50% below a year ago and an all-time low.
The impact of this on employment is material.
On both scores, housing prices look set to overshoot to the downside, without a plan to smooth over this adjustment from the "boom" period.
Construction job losses - across all segments - account for some 30% of all job losses so far.
Tuesday, December 16, 2008
Housing Set to Overshoot
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