Residential Real Estate still heading downwards in a fast forward mode
Marla Guthrie
Sep. 14, 2008

New-home starts in August dropped to a 950,000 annual pace, the lowest level since March 1991. The residential and commercial real estate markets continue to collapse in the middle of world’s largest and nastiest financial meltdown.

According to media reports, Builders scaled back to offset a record number of foreclosures that added to an inventory glut, economists said. Starts have fallen 30 percent in the past year.

Confidence among homebuilders this month probably edged up from August's 23-year low, economists said before the release of the National Association of Home Builders/Wells Fargo index, set for Sept. 16. The measure dates back to 1985.

Production at factories, mines and utilities dropped 0.3 percent in August following a 0.2 percent gain in July; economists forecast a Fed report tomorrow will show. Automakers probably led the decline as sales over the last three months plunged to the lowest level since 1993.

A report from the New York Fed the same day may show manufacturing in that state grew at a slower pace this month as domestic demand weakened and economies in Europe and Japan faltered. A similar report from the Philadelphia Fed on Sept. 18 may show regional activity shrank for a 10th straight month.

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