(Source: National Association of Homebuilders)

Nationwide housing production remained virtually unchanged in September, edging up half of a percent to a seasonally adjusted annual rate of 590,000 units, according to U.S. Commerce Department figures released today. Meanwhile, issuance of new building permits, an indicator of future construction activity, fell by 1.2 percent to a seasonally adjusted 573,000 units.

“Builders are being extremely cautious right now in their efforts to maintain a modest inventory of new homes for sale,” said Joe Robson, a home builder from Tulsa, Okla. and chairman of the National Association of Home Builders (NAHB). “On top of the fact that it is nearly impossible to obtain construction financing for new units, there are widespread concerns about what will happen to demand with the expiration of the $8,000 first-time home buyer tax credit at the end of November.

Read the full press release, here (October 20, 2009).

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