Wednesday, November 19, 2008

No New Houses For You

Record low for housing starts.

Nov. 19 (Bloomberg) -- U.S. housing starts and permits for future construction both dropped to record lows in October, signs the housing downturn may extend into a fourth year.

Construction starts on housing fell 4.5 percent in October, less than economists forecast, to an annual rate of 791,000 that was the lowest since records began in 1959, the Commerce Department said in Washington. Building permits, a sign of future residential projects, dropped 12 percent to a 708,000 pace, the lowest since at least 1960.