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December 21, 2007
Home Building, Bids for Permits Continue to Free Fall
Residential construction activity skidded to an annual pace of 1.187 million units in November, down 3.7 percent from the previous month and off 24.2 percent from November 2006. Single-family home building recorded its eighth straight monthly decline, sliding 5.5 percent to an annual pace of 829,000 and marking a 16-year low. After a 13-percent nosedive last year, National Association of Home Builders expects residential activity to sink 26 percent this year and 19 percent next year, with a rebound anticipated in 2009.
Posted by S. Germain at December 21, 2007 08:07 AM