Wednesday, October 24, 2007

New Home Sales Plunge...Neummann files Bankruptcy

NEW HOME CONSTRUCTION HITS 14-YEAR LOW
WASHINGTON (Associated Press) – Construction of new homes plunged 10.2 percent last month to a seasonally adjusted annual rate of nearly 1.2 million units, the lowest level in 14 years according to the U.S. Commerce Department.

Housing activity is now 30.8 percent below the level of a year ago.

The National Association of Home Builders reported that its index of builder confidence fell for the eighth consecutive month in October, pushing the index to a record low of 18 from a reading of 20 in September.

Applications for building permits dropped 7.3 percent to 1.2 million units last month, also the weakest pace in 14 years.

While construction starts rose by 45.4 percent last month in the Northeast, they fell by 10.1 percent in the West, 11.7 percent in the South and 28.4 percent in the Midwest.

On a related note Neumann Homes based in Warrenville filed for Chapter 11 protection.

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