Nov. 20, 2007 - Increase In Multifamily Construction Lifts Total Housing Starts In October
Single-family housing starts
dropped 7.3 percent for the month to a seasonally adjusted annual rate of
884,000 units, the lowest monthly production rate since October 1991 and 25.1
percent below October 2006.
“The large October bounce-back in
multifamily starts reflected typical month-to-month volatility, while the
pattern of multifamily permits shows that this sector is gradually losing
momentum,” said National Association of Home Builders Chief Economist
David Seiders. “The large declines in
single-family starts and permits clearly show that this component of the
housing market still is weakening seriously.”