Housing permits, starts hit record low

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New-home construction activity slowed to a record low in November, the U.S. Department of Housing and Urban Development and U.S. Census Bureau reported today.

The seasonally adjusted annual rate of housing starts plunged 47 percent year-over-year in November, and fell 18.9 percent compared to the October 2008 rate. The rate is a projection of a monthly total over a 12-month period, adjusted to account for typical seasonal fluctuations in construction activity.