December 16, 2008
Housing Permits Down Nearly 50% In November
By Matthew L. Brown
The number of building permits approved and the amount of home construction begun plunged in November, according to the U.S. Census Bureau.
The number of private housing units authorized by permit hit an annual rate of 616,000 in November, 15.6 percent below October's rate and 48.1 percent below the rate of November 2007.
Housing starts, or the number of homes for which construction was begun, hit an annual rate of 625,000. That's 18.9 percent below the department's October estimate and 47 percent below the rate for November 2007.
Housing completions registered a rate of 1.1 million, a 3.3 percent increase compared to October, but 22.8 percent below November 2007.
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