Permits for new homes in November fell to a 14-year low, while single family housing start numbers dropped to the lowest point in 16 years, according to the Census Bureau.
The latest lump of coal finds a seasonally adjusted annualized start rate of 1.187 million homes in November, down 24.2% from the same month last year. Single family starts slumped to a rate of 829,000 units a year, down 34.9% from November, 2006.
Starts have slumped 47.6% from the pace in January, 2006, and the single family start rate has dipped 54.3% over that span.
Permits dipped to a seasonally adjusted annualized rate of 1.152 million during the month, down 24.6% from November, 2006. Single family permits fell 33.7% to 754,000 units per year.