New Home Construction Hits 17-Year Low in U.S.

The construction of new homes and apartments in the United States has hit a 17-year low as the Commerce Department released figures noting September numbers were down 6.3% compared to the same month one year ago.

Much of the fall has been attributed to the banking crisis that has essentially frozen any access to credit for first-time homebuyers. The current banking situation has also made it difficult for construction companies to secure financing for building, resulting in the slowdown.

Experts are predicting the slide will continue through 2009 until the banking sector recovers from its current slide.

Click here for more Real Estate News

About YourFindit

YourFindit Community is a business, music and social networking community. It caters to individuals providing them with a wealth of tools that enable them to create their own web site within YourFindit and display their content. Members can create free profiles that include an About Me, Background and Lifestyle, Videos, Music, Blogs, Photos, their unique URL and network with other members inside the community. YourFindit provides each member the opportunity to reserve an exclusive profile displaying only ads they upload on their pages. Members have the right to sell their ad space to advertisers.

To create your profile sign up and within minutes you too can have your People profile running your ads and building your network with new members daily.

YourFindit is owned and operated by TransWorldNews, Inc.

YourFindit profile where Your space is really Your Space