It's going to be interesting at the end of the spring buying season with all these unsold and distressed property around. In addition, this is occurring when home prices are at record lows.
Work began on 523,000 houses at an annual pace, down 11 percent from the prior month and less than the 569,000 median forecast of economists surveyed by Bloomberg News, figures from the Commerce Department showed today in Washington. Building permits, a sign of future construction, also decreased.
Read it allFalling home values and the prospect of more foreclosures entering the market mean home construction will be slow to gain traction. Unemployment at 9 percent and stagnant wages indicate any recovery in housing may take years to unfold.