Malaysia Property News is a free resource website sharing Daily Property News & information about Property in Malaysia, which related to, Property Market, Property Investment, Commercial Property , Hot Properties Malaysia, Real Estate, Retail Shop, Business Park, Condominium Malaysia, Terraces & Apartment Malaysia, Houses, Residence, Resort and many more.

Wednesday, May 20, 2009

US housing starts, permits hit record lows in April

WASHINGTON: New US housing starts and permits unexpectedly fell to record lows in April, a government report showed yesterday, denting hopes that stability in the housing market was imminent.

The Commerce Department said housing starts fell 12.8% to a seasonally adjusted annual rate of 458,000 units, the lowest on records dating back to January 1959, from March’s upwardly revised 525,000 units.

“It obviously calls into question the notion that the housing market is stabilising,” said Brian Dolan, chief currency strategist at in Bedminster, New Jersey.

Compared to the same period last year, housing starts tumbled 54.2%. Analysts polled by Reuters had expected an annual rate of 520,000 units for April.

US stock index futures pared gains after the data. Government bond prices extended losses despite the weak report.

New building permits, which give a sense of future home construction, dropped 3.3% to 494,000 units, the lowest since records started in January 1960, from 511,000 units in March. — Reuters

That was well below analysts’ forecasts of 530,000 units. Compared to the same period a year-ago, building permits plunged 50.2%.

Meanwhile, aggressive cost-cutting helped Home Depot Inc, the word’s largest home improvement chain, to report yesterday a bigger-than-expected profit in the latest quarter despite the deep US housing slump.

By Reuters

No comments: