Magazine content is available exclusively for TIME subscribers.Business: Housing's Roof Caves In
High mortgage costs bite
The all-American dream of home ownership is turning into a black nightmare. Last month the number of new houses on which construction was begun crashed 42% from last year's levels to a seasonally adjusted annual rate of just over 1 million units. This is the lowest rate since the 1974-75 recession and the sharpest monthly drop in 20 years. Worse still, the number of new building permits granted in March also sank sharply, which suggests that the bad housing news will get even worse. Says Robert Sheehan, director of economic research for the National Association of Home Builders:...
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