October construction of new homes takes a dive in October, down 11.7%

Via Census:

Homebuilders started construction on 11.7% fewer homes in the month of October.  This is far worse than the expected contraction rate.  Homebuilding will not pick up until we solve the foreclosure issue.  There is far too many homes being placed on the market via foreclosure to allow for a healthy new construction market. 

Privately-owned housing starts in October were at an adjusted annual rate of 519K This is 11.7% below the revised September estimate of 588K and is 1.9% below the October 2009 rate of 529K.  Single-family housing starts in October were at a rate of 436K; this is 1.1% below the revised September figure of 441K.

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