The alleged emergence from the recession which Barack Obama claims to have engineered somehow never got to the new-home industry, which is STILL sliding downwards almost three years after TARP (remember that?) was supposed to fix the problem.
From the Census Bureau, reporting on what was traditionally — at least until the POR (Pelosi-Obama-Reid) Economy aka the Fear-Based Economy came along — one of the busiest months for new homebuilding:
Privately-owned housing units authorized by building permits in July were at a seasonally adjusted annual rate of 597,000. This is 3.2 percent (±1.2%) below the revised June rate of 617,000, but is 3.8 percent (±2.2%) above the July 2010 estimate of 575,000.
Single-family authorizations in July were at a rate of 404,000; this is 0.5 percent (±0.9%)* above the revised June figure of 402,000. Authorizations of units in buildings with five units or more were at a rate of 171,000 in July.
Privately-owned housing starts in July were at a seasonally adjusted annual rate of 604,000. This is 1.5 percent (±10.7%)* below the revised June estimate of 613,000, but is 9.8 percent (±10.8%)* above the July 2010 rate of 550,000.
Single-family housing starts in July were at a rate of 425,000; this is 4.9 percent (±8.9%)* below the revised June figure of 447,000. The July rate for units in buildings with five units or more was 170,000.
Privately-owned housing completions in July were at a seasonally adjusted annual rate of 636,000. This is 11.8 percent (±13.7%)* above the revised June estimate of 569,000 and is 9.5 percent (±13.8%)* above the July 2010 rate of 581,000.
Single-family housing completions in July were at a rate of 470,000; this is 6.1 percent (±12.6%)* above the revised June rate of 443,000. The July rate for units in buildings with five units or more was 158,000
Here is the chronicle of sixteen new lows or near-lows set in July:
- (1) Total starts, not seasonally adjusted — second-lowest July on record (going back to 1959).
- (2) Total starts, seasonally adjusted — third-lowest July on record. Until 2007, no other July was ever below 1,000,000.
- (3, 4) Single-family starts, seasonally adjusted and Not seasonally adjusted — Lowest July on record.
- (5, 6) Total permits, seasonally adjusted — Second-lowest July on record; not seasonally adjusted — Lowest July on record (going back to 1959).
- (7, 8) Single-family permits, seasonally adjusted and not — lowest Julys on record.
- (9, 10) Housing units under construction, total and single-family, not seasonally adjusted — Lowest Julys on record (going back to 1971), by far (even 8% and 13%, respectively, lower than last year).
- (11, 12) Housing units under construction, total and single-family, seasonally adjusted — Lowest of any month on record.
- (13, 14, 15, 16) Completions, seasonally adjusted and not seasonally adjusted — second-lowest July on record in total in both cases (going back to 1968), lowest July ever for single-family in both cases.
The July housing stats, and the three years of data which precede it, demonstrate how completely absurd the idea is that we ever truly emerged from the recession into something resembling anything decent. President Obama can crow all he wants about what he allegedly accomplished, but it doesn’t change the evidence, which emphatically says otherwise.
UPDATE: If you’re keeping score at home, that’s five near-record lows, nine record lows for any July, and two record lows for any month.