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DEATH BY GOVERNMENT: GENOCIDE AND MASS MURDER

All told, governments killed more than 262 million people in the 20th century outside of wars, according to University of Hawaii political science professor R.J. Rummel. Just to give perspective on this incredible murder by government, if all these bodies were laid head to toe, with the average height being 5', then they would circle the earth ten times. Also, this democide murdered 6 times more people than died in combat in all the foreign and internal wars of the century. Finally, given popular estimates of the dead in a major nuclear war, this total democide is as though such a war did occur, but with its dead spread over a century

Wednesday, March 16, 2011

Housing starts see biggest drop since 1984

On Wednesday March 16, 2011, 8:55 am EDT

WASHINGTON (Reuters) - Housing starts posted their biggest decline in 27 years in February while building permits dropped to their lowest level on record, suggesting the beleaguered real estate sector has yet to rebound from its deepest slump in modern history.

Groundbreaking on new construction dropped 22.5 percent last month to an annual rate of 479,000 units, according to Commerce Department data released on Wednesday. This was just above a record low set in April 2009 and way below the estimates of economists, who had been looking for a smaller drop to 570,000.

January's figure was revised up to 618,000 units from 596,000. But that did not change the tenor of the report, which confirmed that the sector is failing to recover despite interest rates near record lows.

Building permits, a hint of future construction demand, fell to a record low of 517,000 units from a revised 563,000, and were down by about 20 percent from levels seen in February 2010.

Housing was at the epicenter of the financial crisis of 2007-2009.

One key impediment to the sector's recovery is a vast backlog of unsold inventory, while a shaky job market has also made consumers reluctant to embark on any major new financial commitments. Making matters worse, a glut of foreclosures, stalled in recent months by revelations of improper loan documentation, is depressing the market.

(Reporting by Pedro Nicolaci da Costa, Editing by Chizu Nomiyama.)

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50 comments

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Chris 4 minutes ago Report Abuse
Sorry to those of you that say this is all politicians fault. NO. This drops right at the feet of the Obama administration and the democrats. First, the warning signs were there back in 2004 when Fannie and Freddie were both showing ominous signs of going bankrupt. The dems had the nerve to say that "everything was just fine. Franklin Raines is doing a splendid job" to paraphrase Maxine Waters. The writing was on the wall then but now, there have been court orders directed by Obama's justice dept. and being implemented by district courts to halt foreclosure proceedings. They are preventing homes from being sold by the banks compounding the downward pressure on prices. There is such a huge inventory of homes now that prices will not recover for at least another decade. The people most affected by these so called predatory rates, put nothing down and had no assets to speak of so they will lose nothing financially. They lose only the comfort of saying they are a homeowner. Let the market work because kicking this can down the road only makes the pain for the entire country that much worse.
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Melissa P 7 minutes ago Report Abuse
Well John and Josh it would be great to live in the fantasy that is your world.

The crash of the housing market is the direct responsibility of the repeal of the Glass-Stegal Act in 1999 under a Democratic Congress and a Democratic President, and the continued policies and legislation of the Democrats.
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MightyDesignStudio 27 minutes ago Report Abuse
At a 2004 hearing Democrat after Democrat stated on video captured by C-SPAN2 to protect Fannie Mae and Freddie Mac from regulations. Maxine Waters D-California said "...Nearly a dozen hearings where frankly we were trying to fix something that wasn't broke. Mr. Chairman we do not have a crisis at Freddie Mac and in particular at Fannie Mae under the outstanding leadership of Franklin Raines." You can watch part of the hearings on youtube by searching "Democrats in their own words Covering up the Fannie Mae, Freddie Mac" I fault the Democrats for pushing these two programs and I fault the Republicans for not doing enough to stop what the Democrats were doing and regulate these government agencies.
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A Yahoo! User 47 minutes ago Report Abuse
DaveB -- is it possible, just possible that BOTH sides are to blame? This is not a Dem/Rep problem. It's a "politician bought and paid for" vs. "the rest of us problem". People with lots and lots and LOTS of money give that money to politicians of both parties, and then they get what they paid for. Sometimes those interests align with the good of the country, most times it doesn't. The sooner people realize this the better off we'll all be.
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A Yahoo! User 1 hour ago Report Abuse
The authors of this article have clearly not tried to build a home recently. Let's see. I have been waiting for over 1 month for an appraisal of plans for new construction based on comparables of older homes selling at a discount and repossesed homes selling at an even bigger discount. And since the real estate market is slow, and there is land involved with the property, there are no comparables within 6 months. Since there are no comparables, there is no value. Excuse me? Plus, legally, no one can communicate with the appraiser until the appraisal is complete. So even if you are waiting, oh, say a month, you just need to continue waiting. Oh, and the state in which I live has now made sprinkler systems required in new residential construction. Add that additional cost to everything else. It is ridiculous.
And everyone is wondering why the real estate market is in the tank? Try building a house. Or selling one for that matter.
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DAVE B 1 hour ago Report Abuse
Amazing John, Barry Hussein is theorectically commander in chief of this country for over 2 years now. WHEN does he get the credit he deserves for all of the disasters he has participated in??? Or are you still going to try and blame this on Bush or Reagan?? By the way, Barnie Frank and his liberal democratic buddies created this mess! Oh Yea, Barry Hussein IS ONE OF THOSE!!

But rest assured at some point, housing starts will increase and you can be assured the "Happy Days are Here again" songs will be playing even if the housing starts are 80 or 90% less than during the days of Bush et al.

But don't worry, he is having a "I am Mr Transparent President party" at the White House and the press is going to be invited!!
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Eric 1 hour ago Report Abuse
So I hear that our beloved President is going on vacation, again. Sir feel free to take a extra week or 52. We the people would like you to get out even more. In fact in 2012 we going to let you go on permanent retirement. Party hard sir and have fun
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Josh 1 hour ago Report Abuse
Well said John. Freakin sub-prime and Alt A No Doc mortgages ruined our country. All back by US politicans encouraging homeownership for the majority of the country since the 80's
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John 2 hours ago Report Abuse
This is not Obama's problem. It is all the politicians over the last 30 years. They promoted housing for all. This means approving anyone for a loan- if you could fog a mirror, you were approved. When I bought my first home it took several months of checking out my application in order for the loan to be approved. It involved checking out my employment with a letter from my boss, checking on all balances in checking, saving etc. , checking on my credit history. If this process was not changed, this housing situation would never have occurred. People were being approved for mortgages that had no business in a home. That is why there are apartments--not everyone is capable of owning and properly maintaining a home.
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Brandon 2 hours ago Report Abuse
Man oh man if it wasn't for our fearless leader Obama I would begin to get nervous.
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