Housing starts are down significantly in all areas of the country. The west has experienced the biggest decline in housing starts. -47% from same period last year according to housingeconomics.com. The New England area is -31% from same period last year. The Mid-Atlantic area is down -28% from same period last year. The Mid-West is down -40% from same period last year. The South is down -31% from same period last year. The common denominator here is that the housing slump has been felt in every corner of the country. Falling prices will delay any recovery in housing. Home Builders are preparing for protracted period of slow sales. Buyers will remain reluctant to get back into the market for two reasons, tight credit and the notion that home prices will continue to fall throughout 2008 and on into 2009.
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