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...positive than others about the moths and years to come. Morris & Columbus, for example, write that both the housing starts and the GDP overall are expected to continue on an uptrend during the rest of 1996 (Morris & Cornitius, 1995). And while a boom in business fixed investment has indeed accompanied recent business expansion, research clearly suggest that the underlying factors have failed to significantly spark residential construction. Despite some improvement in the third quarter of 1995, new home construction went on to become a relatively weak component of GDP that year. Real residential investment fell 1.4% in the four quarters ended in 1995:IIIQ. With single-unit housing starts remaining generally weak to this date, residential construction will most likely stay soft. Housing starts declined 1.7% in October 1995, and that was only the second of several consecutive monthly drops (Somerville, Oct. 27 1995). Despite tumbling mortgage rates, housing starts dropped 3.7% to a seasonally adjusted annual rate of 1.34 million again in November. Applications for building permits also weakened, but by a more modest 0.7% to a rate of 1.40 million (Heady, 1995). As I began to...

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