Housing Construction Plunges in October

Housing Construction Plunges in October

 

Housing construction plunged to the lowest level in more than six years in October as the nation's once-booming housing market slowed further.

 

The Commerce Department said that construction of new single-family homes and apartments dropped to an annual rate of 1.486 million units last month, down a sharp 14.6% from September.

 

The decline, bigger than expected, was the largest percentage drop in 19 months and pushed total activity down to the lowest level since July 2000.

 

The level of building activity in October was 27.4% below October 2005, biggest year-over-year decline since March 1991.

 

Get the full story here…