Who believes that Oct. home construction, permits fall unexpectedly (AP)?
WASHINGTON — Construction of new homes unexpectedly plunged last month, as builders waited to see whether lawmakers would extend a tax credit for homebuyers. The results show how much the housing market has been relying on government support for its fledgling recovery. The tax credit of up to $8,000 for first-time owners was due to expire on Nov. 30, but Congress voted to extend it earlier this month and expand it to more buyers, after intense pressure from real estate agents and homebuilders. “The end of the tax credit was looming,” said David Crowe, chief economist at the National Association of Home Builders. “At that point, builders were real uncertain about whether it would ever be extended, so they pulled way back.” A strong housing market is needed to support a broad economic recovery, and the building industry says the government’s support is essential. The Commerce Department said Wednesday that construction of new homes and apartments fell 10.6 percent in October to a seasona
Construction of new homes unexpectedly plunged last month, as builders waited to see whether lawmakers would extend a tax credit for homebuyers. The results show how much the housing market has been relying on government support for its fledgling recovery. The tax credit of up to $8,000 for first-time owners was due to expire on Nov. 30, but Congress voted to extend it earlier this month and expand it to more buyers, after intense pressure from real estate agents and homebuilders. “The end of the tax credit was looming,” said David Crowe, chief economist at the National Association of Home Builders. “At that point, builders were real uncertain about whether it would ever be extended, so they pulled way back.” A strong housing market is needed to support a broad economic recovery, and the building industry says the government’s support is essential. The Commerce Department said Wednesday that construction of new homes and apartments fell 10.6 percent in October to a seasonally adjusted
Construction of new homes unexpectedly plunged last month, as builders waited to see whether lawmakers would extend a tax credit for homebuyers. » Full Story on Yahoo! Finance Sources: http://us.lrd.yahoo.com/_ylt=AhuyDvLTIvzuh9wSgk25B1F0fNdF/SIG=121eqcv8u/**http%3A//biz.yahoo.com/ap/091118/us_housing_starts.html%3F.
