Housing starts, building permits down
The U.S. housing market showed signs of contraction last month as the annual rates of housing starts, completions and the number of issued building permits fell from October, the federal government announced Tuesday.
The numbers from the U.S. Dept. of Housing and Urban Development fell short of expectations of economists polled by Yahoo Finance. However, November marked the 10th month in the last 12 in which building permits topped the 1-million seasonally adjusted annual rate mark. In the Northeast, permits actually rose from an estimated annual rate of 95,000 in October and 112,000 in November 2013 to 121,000 last month.
Nationally, the number of permits issued fell to 1.035 million from a revised October rate of 1.092 million. In November of last year, the number was 1.037 million.
Meanwhile, housing starts were down to an annual rate of 1.028 million, from 1.045 million in October and 1.105 million in November 2013.
Housing completions were down from October but up from November 2013. Completions of privately-owned housing hit a seasonally adjusted rate of 863,000. The October estimated rate was 922,000 while the November 2013 rate was 826,000.
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