HUD Says 'Too Many Houses on the Market'

HUD Secretary Steven Preston said this week that the U.S. is facing a 'fundamental oversupply' of houses, which will continue to weigh down the economy.

"Mr. Preston's comments in a speech in Washington yesterday came as the Commerce Department reported that builders broke ground on the fewest new homes since 1991 last month, signaling that the economy will continue to erode in coming months.

Housing starts fell 6.2 percent in August to an annual rate of 895,000, the fewest since January 1991.

'The home-construction industry is still in a deep recession and will remain there probably for the rest of the year,' said Patrick Newport, an economist at Global Insight Inc. in Lexington, Mass. 'There are just too many houses on the market.'"

Full Story: HUD sees glut of homes, subprime loans

Comments

Prepare for the AICP Exam

Join the thousands of students who have utilized the Planetizen AICP* Exam Preparation Class to prepare for the American Planning Association's AICP* exam.
Starting at $199
Planetizen Courses image ad

Planetizen Courses

Advance your career with subscription-based online courses tailored to the urban planning professional.
Starting at $14.95 a month
DVD Cover of The Story of Sprawl

The Story of Sprawl

See how America changed shape in this collection of historic films that visually document how sprawl evolved.
$29.99 for 2-DVD SET
Book cover of Contemporary Debates in Urban Planning

Contemporary Debates in Urban Planning

Featuring thought-provoking commentary and insights from some of the leading thinkers and practitioners in the field.
$18.95