September housing starts hit low
October 18th, 2007, 9:23 am · Post a Comment · posted by mistywilliams
Nationwide, home construction starts dropped to their lowest level in more than 14 years, according to the U.S. Department of Commerce.
Housing starts hit a seasonally adjusted annual rate of 1.191 million last month, 10.2 percent below August and down 30.8 percent from September 2006. It was the lowest pace for home starts since March 1993 with a rate of 1.083 million units, Reuters News reported.
Developers also took out fewer residential building permits in September at a seasonally adjusted annual rate of 1.226 million, down 7.3 percent from August and 25.9 percent below a year ago.
