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The state of the United States’ housing market continues to deteriorate with new economic data pointing to an increasingly dire situation.
US housing starts fell 15.5 per cent in December to a seasonally adjusted annual rate of 550,000, US Commerce Department data revealed overnight.
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This was 45 per cent down on the annual starts rate recorded in December 2007 and the lowest annual rate recorded since the department began record keeping in 1959.
Home prices have also continued their downward slump, falling by 1.8 per cent from October to November according to the Federal Housing Finance Agency. This brings the annual rate of decline to just under nine per cent.
