Housing Starts, Building Permits Fall More Than Expected to Record Lows in November
Struggling homebuilders cut back even more than expected last month, sending the construction of new homes plummeting in November by the largest amount in almost a quarter-century. New home starts fell to a seasonally adjusted annual rate of 625,000 from a downwardly revised level of 771,000 in October, the Commerce Department said Tuesday. That is a drop of 18.9 percent, the steepest since March 1984. The total is far below the 740,000 pace that Wall Street economists expected. ... Full Story
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