New York Metro Real Estate News

Any doubt that the national housing market is beginning to cool disappeared yesterday, according to some experts.

New housing starts and building permits nationwide both saw sharp declines in October, according to data released yesterday by the Commerce Department. It's likely that higher mortgage rates are finally taking their toll on a housing boom that has lasted more than five years, far longer than many expected.

But those trends may not hit Long Island anytime soon, in part because the Island has such a low supply of newly constructed houses and continued high demand.

...
Nationally, however, the signs of a shift are there. New housing starts fell 5.6 percent in October, according to the Commerce Department, while building permits for future construction fell 6.7 percent, the largest decline in more than six years.

...
by Randi F. Marshall
Newsday www.newsday.com
http://proquest.umi.com/pqdweb?did=928196991&sid=2&Fmt=3&clientId=13371&RQT=309&VName=PQD

Housing starts, permits drop, data shows

11/18/05

07:34:03 pm Housing starts, permits drop, data shows

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