The Real Deal Miami

Housing starts plunge

January 23, 2009 10:36AM

New home construction hit its lowest level in six decades in December, dropping 15.5 percent to cap the worst year for builders on
record dating back to 1959. The 550,000 new homes and apartment
developments recorded was weaker than even the most gloomy projections,
and Florida was among the states hit hardest by the industry’s
collapse. Homebuilders such as D.R. Horton, Pulte Homes and
Centex Corporation have seen shares plunge and have cut back activity