Reply #37: Housing starts fall to record-low level in October [View All]

[Roland99]

Housing starts fall to record-low level in October
http://www.marketwatch.com/news/story/Housing-starts-fall-record-low/story.aspx?guid=%7BE01C34FA%2D41A3%2D4097%2D9B7A%2D242F06B60AF9%7D&dist=hplatest

WASHINGTON (MarketWatch) - U.S. home builders reduced their starts of new homes by 4.5% in October, driving new construction to the lowest level since just after World War II, the Commerce Department estimated Wednesday.

Housing starts dropped to a seasonally adjusted annual rate of 791,000 in October, the slowest pace since similar records were first kept during the housing boom in the late 1940s.

Housing starts have now fallen 38% in the past year and are down about 70% from the peak in early 2006.

Building permits, which are typically less volatile than the starts data, fell 12% to a record-low seasonally adjusted annual rate of 708,000 in October, down 40% in the past year.