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It's not the worst news possible. I'm surprised analysts didn't expect this much of a drop. While housing starts have been doing surprisingly well, in large part due to the $8000 credit, until employment numbers make a consistent recovery, housing won't make a consistent recovery. The encouraging manufacturing numbers should lead to better employment numbers, and that should help the housing industry in general, but that will take several months at least, possibly another year. And if this winter continues its deep freeze, expect even worse housing numbers in the upcoming quarter, regardless of seasonal adjustments.
we're a long way from housing starts picking up given the glut of existing homes available for sale. Personally, I'm hoping that will help the market pick up. Not to mention builders are no longer willing to built spec houses, so again, yes i hope the housing starts stay low so we can sell out the existing homes and custom builds before they start putting up spec houses again.
Right, because no one ever buys new washers and dryers for existing homes?
Not anywhere near the pace they do for new homes. for isntance my washer and dryer has lasted 20 years, my fridge for 24 years. however new home builders buy at much greater pace .
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