Continuing an uninterrupted free-fall, U.S. housing starts and permits fell for a seventh consecutive month in January, according to U.S. Commerce Department figures. New-home production fell by 16.8 percent to a seasonally adjusted annual rate of 466,000 units, while permits for new housing construction fell 4.8 percent to a rate of 521,000 units. Both of these numbers were new record lows.

“Builders are continuing to exercise extreme caution in response to market conditions, particularly weak consumer demand and the large inventory of homes for sale that is being fueled by a constant flow of foreclosures,” said National Association of Home Builders (NAHB) Chairman Joe Robson, a home builder from Tulsa, Okla. “We are certainly optimistic that the newly signed economic stimulus package — and particularly the enhanced first-time home buyer tax credit — will help spark more consumer demand for homes going forward. However, until that happens, builders have little choice but to put a hold on new construction.”

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