Building permits for new homes were at a seasonally adjusted annual rate of roughly 1.15 million in November, a 1.5 percent drop from the previous month and 25 percent fall from the same time last year, a report from the U.S. Department of Commerce shows.

The number of homes started across the nation also dropped last month. Housing starts were at a seasonally adjusted annual rate of about 1.19 million, down 3.7 percent from October and sagging 24 percent from November 2006.

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