The rate of housing starts in September dropped to a 15-year low while the rate of building permits for home construction hit a 13-year low, the U.S. Census Bureau and the Department of Housing and Urban Development announced today. The seasonally adjusted annual rate of housing units authorized by building permits dropped to 1.23 million in September, down about 25.9 percent compared to September 2006. It was the fourth consecutive monthly decline in the building permits rate. The last time the rate had dropped so low was in March 1995, and the last time it had dropped that low for the month of September was in September 1992, when it reached 1.11 million. This rate is a projection of a monthly total over a 12-month period, adjusted to account for season fluctuations in construction activity. Regionally, the rate of building permits was down about 35 percent in the West, 26.4 percent in the South, 16.9 percent in the Midwest and 14 percent in the Northeast in September compa...
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