Housing Starts Drop in May; Producer Prices Dip - WSJ.comU.S. home construction plunged in May as builders remained cautious about sales prospects absent government support programs for the housing sector.
Housing starts dropped 10% the month after the government ended its tax-credit program for home buyers, to a seasonally adjusted annual rate of 593,000. Permits for new construction also declined, the Commerce Department said Wednesday. Single-family housing starts slid by 17.2% to an annual rate of 468,000, the lowest level in a year.
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Isn't it clear by now that this all this federal "stimulus" spending is a failure? Short term gain followed by bust, and more debt accumulated that has to be paid off. Where does it end? Apparently the White House doesn't get it. Now they say that we need to take another $50 billion out of the deep end of the pool and pour it into the shallow end to bail out state and local governments. And after that runs out, then what?
Wednesday, June 16, 2010
UPDATE 2-Fannie Mae, Freddie Mac to delist shares on NYSE | Reuters
UPDATE 2-Fannie Mae, Freddie Mac to delist shares on NYSE | ReutersJune 16 (Reuters) - Fannie Mae (FNM.N) and Freddie Mac (FRE.N), the largest U.S. home funding companies, will delist their shares on the New York Stock Exchange after failing to meet minimum trading price requirements, the companies' regulator said on Wednesday.
The companies, each taken under government control in September 2008, said they no longer met NYSE listing standards and that shares would trade in the over-the-counter market.
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This housing recovery is just rocketing along.
The companies, each taken under government control in September 2008, said they no longer met NYSE listing standards and that shares would trade in the over-the-counter market.
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This housing recovery is just rocketing along.
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