The Commerce Department released this morning housing starts for October. Privately-owned (multi-family) starts decreased by a more than expected (10.6%) to a seasonally adjusted annual rate of 529,000 units, market expectations were 600,000. September’s previously reported starts of 590,000 was adjusted higher to 592,000. The starts for October 2009 is (30.7%) below October 2008 rate of 763,000.
Additionally Building Permit numbers were also released. Privately-owned housing units authorized by building permits were at an adjusted annual rate of 552,000 which was (4%) below the revised September rate of 575,000. We are still (24.3%) below October 2008 estimate of 729000. Single-family permit authorizations in October were about flat at (.2%) or 451,000 which was below the revised September figure of 452,000