In another sign that the economy hasn't completely turned around, housing starts fell 10.6% in October, following two months of increases, according to a report issued today by the Commerce Department and the Department of Housing and Urban Affairs.
Housing starts were at a seasonally adjusted annual rate of 529,000, compared to 592,000 in September. But last month's figures were 30.7% below those of October 2008.
Single-family housing starts fell 6.8% to a seasonally adjusted annual rate of 476,000. Single-family housing completions increased 10%.
Building permits fell 4% from September's level, to a seasonally adjusted annual rate of 552,000. That's 24.3% below that of October 2008.
Housing starts declined from their September levels in the Northeast, Midwest, South and West by 18.8%, 10.6%, 9.6% and 8.5%, respectively.
Year-to-year housing starts declined in all regions: 26.3% in the Northeast, 23.1% in the Midwest, 33.2 in the South and 32.1% in the West.
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