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by CareyBot

Housing starts and building permits in August dropped to the lowest rate since June 1995, the U.S. Census Bureau and Department of Housing and Urban Development announced today. The seasonally adjusted annual rate of building permits dropped to an estimated 1.31 million in August, down 24.5 percent compared to August 2006, and the rate of housing starts fell 19.1 percent to 1.33 million. This rate is a projection of a monthly total over a 12-month period, adjusted for seasonal fluctuations in construction activity. The rate of single-family building permits dropped about 27.9 percent in August compared to the same month last year, to 926,000. This was the lowest rate since April 1995. And the rate of single-family housing starts dropped 27.1 percent in August compared to August 2006, falli...