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Recession Watch is Now On; Hampel Sees 40% Chance

The latest Housing Starts report, showing a drop of 10% for the month in the building of new homes has raised the red flag of recession. The annual level is now 1.19 million, compared to a 1.33 million rate in August, down nearly 31% from a year-ago, making it the...

By Staff Writer | Updated on October 23, 2007

WASHINGTON — The latest Housing Starts report, showing a drop of 10% for the month in the building of new homes has raised the red flag of recession. The annual level is now 1.19 million, compared to a 1.33 million rate in August, down nearly 31% from a year-ago, making it the worst in 14 years.

CNNMoney.com quoted CUNA’s Chief Economist Bill Hampel, who posited that housing problems raise the chance of an economic recession to 40% as the overall economy is dragged farther down by the slumping housing market.

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