Home Construction At Lowest Point In Six Months

For the second month in a row, housing start numbers did not reach economists expectations. The annual rate of construction fell in October to an annual rate of 529,000 – a 10.6 percent drop from the revised September rate of 592,000 and 30.7 percent below the 763,000 rate during October, 2008. This number marks the lowest rate of housing starts since April, when the annual rate was at 479,000. Also falling in October was the number of building permits issued, which fell to a seasonally adjusted annual rate of 552,000, which was 4 percent below the revised September rate of 575,000 and 24.3 percent below the October 2008 estimate of 729,000. To continue reading, click here.