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Housing starts, permits hit record lows in April
May 19, 2009, 8:33 a.m. EST
WASHINGTON (MarketWatch) - Optimism that the housing slump had hit bottom was damaged Tuesday when the government reported that construction on new housing projects slowed to a record low pace in April.
New construction of single-family homes and apartments plunged 12.8% to a record-low annual rate of 458,000, much weaker that the 519,000 rate expected by economists surveyed by MarketWatch.
The drop was caused by construction of multifamily housing, which fell 46.1% to a record low 78,000. This was the biggest drop since January 1994.
While the stock market is up sharply since early March, the economy as well as corporate earnings continue to suffer. Today’s chart helps provide some perspective as to the magnitude of the current economic decline. Today’s chart illustrates that 12-month, as-reported S&P 500 earnings have declined over 90% over the past 20 months (with over 90% of S&P 500 companies having reported for Q1 2009), making this by far the largest decline on record (the data goes back to 1936). In fact, real earnings have dropped to a record low and if current estimates hold, Q3 2009 will see the first 12-month period during which S&P 500 earnings are negative.
Originally posted by GreenBicMan
reply to post by irishchic
Thats nice of you to say. You must have "friends in higher places" than I right now lol. My friends (if I really had any real ones ) are busy having kids and working dead end jobs with their bs 4 year degree lol.
But here's something that might interest a few people.. hopefully this chart works this time.. today is highlighted in red
.vix under 30?!
Now, we were in single digits at one point, but it has been since sept. since we have seen anything under 30... you will see just by glancing at the chart it looks like we continue the pace lower, which should correlate with higher or at least more level market prices