California single-family building permits sink 62%

Builders' group reports declines in 26 of 28 metros

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New-home construction in California, as measured by building permits issued, dropped 62 percent in January compared to the same month last year, the California Building Industry Association reported today, and fell 27.6 percent compared to December 2007.

Multifamily building permits fell 34.3 percent in January compared to January 2007, and fell 46.5 percent compared to December 2007.