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My Personal Finance Journey

Personal finance observation, musing and decisions in a journey toward financial independence by 36 with at least $1 million.

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Housing Starts Is Tumbling





One more evidence of the free-fall drop of the housing market. Maybe not a good time to take a new mortgage or refinance to cash out, eh?

From Mortgage:

Housing starts sank to an annual rate of 1.67 million last month from July's 1.77 million pace, the Census Bureau reported Tuesday. That marked a 6 percent decline from July and a nearly 20 percent drop from a year earlier.

Starts are at the lowest level since April 2003. It also marked the sixth time in the last seven months that starts have fallen from the previous month's level.

Economists surveyed by Briefing.com had forecast starts would drop to a 1.74 million rate.

Building permits, which are seen as a reading of builders' confidence in the market, fell to a 1.72 million annual rate in August from a downwardly revised 1.76 million in July. Economists had forecast permits would slow to a 1.75 million pace in August.

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