Housing Starts Fall 11% In October, But Permits Rebound

Construction on new U.S. homes declined by 11% in October to an annual rate of 1.06 million, marking the lowest level since the early spring. Economists polled by MarketWatch had expected starts to fall to a seasonally adjusted 1.15 million. Housing starts in September were also revised down to a 1.19 million annual rate from 1.21 million, Commerce Department data show. Yet permits for new construction, a sign of future demand, rose 4.1% to an annual rate of 1.15 million. Permits for single-family homes, which account for about three-quarters of the housing market, rose 2.4% in October to an annual rate of 711,000. That's the highest level since the end of 2007.