Jun 18 2008 1:26PM | Permalink | Email this | Comments (0) |
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In light of yesterday's news that housing starts hit their lowest point since 1991, it made me look back on this post with amusement. That's right ... my very first post for the Remodeling Notes blog 14 months ago, where I said this, while calling the NY Times to task:

With the headline "Home sales plunge to 1989 levels," (since corrected online) the editors totally missed what had happened. In reality, the 8.4 percent drop in sales from February to March was the largest since 1989. While that's bad enough in its own right, it's nowhere near the calamity reported in the headline, which would have had most of us out polishing our resumes.

Now obviously we're talking about starts instead of sales and 1991 instead of 1989, but it just shows how much thing have changed since then ... what was once ridiculous doesn't seem so crazy anymore. (For what it's worth the annualized sales pace for existing homes is still more than 1.5 million sales ahead of 1989.)