New housing starts are down to a little more than 300,000 units. That’s the lowest level ever recorded by the U.S. Census starting back in 1963. Have a gander at this graph (via Calculated Risk).
Oh, and just for fun, housing supply is also at record levels (also via Calculated Risk).
So, what’s in store for the housing market – with all those jumbo (expensive house) loans in default, the economy worsening, and the mortgage market for anything beyond a conforming loan ($417,000 most places; $625,000 in some higher-priced locations) requiring 30-40 percent down payments and rates of seven and eight percent or more?