New home construction plunged in October

Sure, the news that construction of new homes fell dramatically in October is disappointing to people who've invested in publicly traded builders. It may even ding the overall economy thanks to fewer construction-triggered dollars being spent on new draperies and Home Depot splurges. But to this owner of an older home, it sounds like good news.

It tells me they buildup of for-sale home inventories will ease sooner than it would have if builders kept throwing new condos and houses on the market. It tells me prices will firm up faster than they would otherwise. I don't know when that firming up will happen--but turning off the spigot of new supply can't do anything but hasten it.