Current Events, Market, News

U.S. housing starts drop to new record

 

The number of housing starts and building permits both fell to new record lows in a sign that the slump in the U.S. housing market is continuing.

Nationwide, total housing starts dropped 18.9 percent in November and were 47.0 percent below last year. Single family starts alone were down 16.9 percent from last month and 46.0 percent from last November.

In the south, single-family housing starts slid 13.6 percent from October and 45.7 percent from last year.

Building permits last month fared no better: nationwide they were down a total of 15.6 percent for the month and 48.1 percent for the year. Single-family permits were down 12.3 percent from October and 46.3 percent from last year.

The south saw single-family permits drop 14.0 percent from November to a level 48.5 percent below November 2007.

The reports were much lower than expected, and show that the bottom is continuing to drop out of the housing market.

 

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