WASHINGTON – Housing starts fell 18.9% last month to a seasonally adjusted annual rate of 625,000, the Commerce Department reported today.
November's figures represent a 47% decline since November 2007. In October, housing starts fell 4.5%.
Single-family housing starts were 16.9% below the October level. Single family housing completions increased .9%.
Building permits for private housing fell 15.6% in November and were down 48% from last November.
The declines in housing starts and in building permits reflect the large number of existing homes that are unsold as a result of the problems in the housing market.
The largest month-to-month decline was in the Northeast, which saw housing starts drop 34.6%. The declines in the Midwest, West and South were 23.1%, 16.8% and 15.6%, respectively.
The largest year-to-year drop was 602% in the Northeast. The declines in the Midwest, West and South were 55.5%, 47.5% and 40.9%, respectively.
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