Industry News

Good son of U.S. economy

Opinion: Real estate carries the family
Published on Feb 18, 2004

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by CareyBot

Wow, sometimes it feels like the weight of the global economy is on the shoulders of the real estate industry.

Today, the U.S. Commerce Department reported the number of residential buildings under way dropped to a seasonally adjusted annual rate of 1.9 million units, representing a 7.9 percent skid from December's 2.07 million units. Instantly, Wall Street got the heebie-jeebies. The stock market slipped, and experts began worrying about the real estate market's health.