WASHINGTON - The number of new homes beginning construction fell to its lowest annual rate in more than six years in October while the number of permits issued for construction fell to its lowest annual rate in nearly a decade, the Commerce Department said.
Total housing starts fell 14.6 pct to a seasonally adjusted annual rate of 1.49 mln units in October, lower than the 1.68 mln units economists had predicted and the lowest level since July 2000.
The department's estimate for housing starts in September was revised slightly lower to a seasonally adjusted 1.74 mln units, compared with last month's estimate of 1.77 mln units.
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Source: Forbes.com
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