Housing Production Drops in November

Indicating that the ongoing decline in housing and the economy is accelerating, starts and permits for new housing construction fell by double digits to new record lows in November, according to U.S. Commerce Department figures. Commerce reported an 18.9 percent decline in total housing starts to a seasonally adjusted annual rate of 625,000 units and a 15.6 percent decline in permit issuance to 616,000 units for the month.

"The steep declines in home production are in keeping with the

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