Housing Starts

Image by Getty Images via DaylifeHousing starts fell by 4.5% in October, coming on the heels of a 3% drop in September.  Multifamily units let the way with a 6.8% decline and single family homes declined by 3.3%.

Permits dropped by 12% in October following a 6.1% decline in September.   Still waiting for housing on a national level to hit bottom.  All this confirms that we are indeed in a recession and have been for some time.  We’ll see if things start to turn around in the next few months, especially if the tide of foreclosures and short sales are reigned in by the banks.

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