Home builders responded to deteriorating conditions in the housing market by further reducing the pace of new construction and permit issuance in October to the lowest levels for any single month on record, according to figures released by the U.S. Commerce Department.
Overall housing starts declined 4.5 percent to a seasonally adjusted annual rate of 791,000 units in October, which was the slowest pace recorded for any month since the government started keeping track in 1959. Single-
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