This is What a Housing Recovery Looks Like? Come on….

If this is a recovery, what does it look like when we see a downturn? Perhaps the news will get it right this time. Instead of strutting out the “less bad” commentary, perhaps we will hear:

  1. Less Good
  2. More Bad
  3. Not Stabilizing
  4. Dropping
  5. Brown Shoots
  6. We were wrong…

Nah…That wouldn’t be politically correct.


  • Multi-family starts fell a whopping 34.5% as only 53,000 new units were started.
    • Multi-family starts have never been this low since the index was created in 1959.
  • Housing construction drops 10.6 % in October, building permits fall 4%.

Long-term, it looks even worse – never seen such a low since records were established.

Long Term Housing 20091118

Also See 10 Most Annoying Things About This Recession


Disclosure: Horowitz & Company clients may hold positions of securities mentioned as of the date published.