Housing starts fell to their lower level in six months during October according to a government report released on Wednesday. A decline in construction for single and multi-family homes is partly at fault.
The Commerce Department reported a 10.6% dip in to a seasonally attuned annual rate of 529,000 units, the lowest numbers since April and the steepest drop since January. Housing starts were expected to rise to 600,000 units but came up considerably short. The overestimate was likely due to housing starts in September exceeding predictions.
There has been a 30.7 percent drop in housing starts since October of last year with a 6.8 percent decline in groundbreaking for single family homes since September. The multi-family segment was also hard hit, losing 34.6 percent.
Signs of stabilization were revealing themselves following a three year downturn but this latest round of data reveals it may have been a false start.
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