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US housing starts fall 10.6% in October   Join our daily free Newsletter

MENAFN - 19/11/2009
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(MENAFN) U.S. Commerce Department said that construction of new homes unexpectedly plunged by 10.6 percent in October to a seasonally adjusted annual rate of 529,000.

The figure in October, much lower than the 600,000 expected by economists, was also 30.7 percent below the revised year-ago level.

For October, single-family housing starts fell 6.8 percent to an annual rate of 476,000 units.

The once-sizzling U.S. housing market has cooled off significantly since 2006 and slid into the worst slump two decades. The severe housing downturn and a persisting credit crunch has been a major drag on the overall economy.

 




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