U.S. Housing Starts Slow More Than Expected

Jan. 13, 2005
By John S. McClenahen The temperature inside this year's generally hot U.S. housing market cooled a bit more than economists expected in October. Housing starts fell to an annual rate of 1.6 million in October, says the U.S. Commerce Department, lower ...
ByJohn S. McClenahen The temperature inside this year's generally hot U.S. housing market cooled a bit more than economists expected in October. Housing starts fell to an annual rate of 1.6 million in October, says the U.S. Commerce Department, lower than the 1.71 million-unit rate that was anticipated. In September, housing starts were at a 1.81 million annual rate, a 26-year high. "The housing market has plateaued, but with [mortgage interest] rates hovering near 40-year lows, we don't think it is at risk of collapsing," says Gerald D. Cohen, a senior economist at Merrill Lynch & Co., New York.

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