New Home Starts Continue To Decline In October

Single family housing completions rose in October, compared with September 2009. At the same time, the rate of housing starts declined from September 2009 to October 2009, and …

Single family housing completions rose in October, compared with September 2009. At the same time, the rate of housing starts declined from September 2009 to October 2009, and continue to remain significantly below 2008 levels. See the following article from HousingWire for more on this.

The rate of housing starts declined 10.6% from September to October, but the rate of housing completions for single-family homes jumped 10.7%, according to a joint release by the Census Bureau and the Department of Housing and Urban Development (HUD).

The seasonally adjusted annual rate of private-owned housing starts was 529,000 in October, down 10.6% from the revised September estimate of 592,000 and 30.7% below the October 2008 rate of 763,000.

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The rate of single-family housing starts was 476,000, down 6.8% below the revised September figure of 511,000. The October rate for buildings with five or more units was 48,000, down 38% from the September rate of 78,000.

The rate of building permits also declined month-over-month. The rate of permits in October was 552,000, down 4% from September’s 575,000 and 24.3% below October 2008 estimate of 729,000. Single-family building permits were at a rate of 451,000, down 0.2% below September’s rate of 452,000.

The rate of housing completions was 740,000 in October, up 1.9% from September’s rate of 726,000 and 29.9% below October’s rate of 1,055,000. The rate of single-family completions was 528,000, up 10.7% from September’s rate of 477,000. The rate of multi-family completions was 200,000 in October, down from 210,000 in September.

This article has been republished from HousingWire. You can also view this article at
HousingWire, a mortgage and real estate news site.

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