Privately-owned housing units authorized by building permits in October were at a seasonally adjusted annual rate of 708,00. This figure is 12 below September's rate and is 40 percent below October 2007. While it is hard to state with statistical confidence that housing starts fell further in October, the number of starts has fallen to 828,000, an estimated 38 percent below the rate a year ago.
In the current cycle, starts and permits peaked in early 2006 or the latter months of 2005, respectively. The next nail in the scaffold of housing construction data will be driven on December 16. (CEN)
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