MW: U.S. Nov. housing starts plunge 18.9% to record low
WASHINGTON (MarketWatch) - U.S. home builders slashed construction of new homes in November, driving housing starts far below the worst levels seen in 50 years, the Commerce Department reported Tuesday. New starts dropped an eye-popping 18.9% to a seasonally adjusted annual rate of 625,000, the lowest rate since the Commerce Department began keeping records in 1959. Starts were far lower than the 740,000 expected by economists surveyed by MarketWatch. Building permits fell 15.6% in November to a seasonally adjusted annual rate of 616,000, also a record low. Permits for single-family homes fell 12.3% to a seasonally adjusted annual rate of 412,000, a 27-year low.
