November 20, 2006

US Housing at Lowest Level in 6 Years

US Housing at Lowest Level in 6 Years

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The pace of US home building fell sharply in October as new home starts dropped 14.6% to their lowest level in over six years and building permits fell 6.3%, according to the latest government report.�

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The Commerce Department said October housing starts came in at an annual pace of 1.486 million units, compared with a pace of 1.74 million units in September. Economists had forecast October housing starts to fall to 1.690 million units from September's originally reported pace of 1.772 million.

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Compared to a year earlier, October housing starts were down 27.4% from the October 2005 pace of 2.046 million units.

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Get the full story here…

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