Subprime Debacle
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
Can the housing “correction” get much worse? September housing starts were down by 10%. Building permits, a portent of future starts, declined by 7%. September sales of existing homes fell by 8%, to an annual rate of 5 million, the lowest since 1999, and median home prices declined by 4% from the prior year. Sales of new homes, released yesterday, rose by 5%, but were 23% lower than a year ago.
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