Home sales, starts dampen further
November 29, 2006,
Washington – The broad U.S. housing market continued to lose steam during October, hobbled by falling home prices and buyer and builder skittishness.
Housing starts continued to slide, falling by 14.6% last month to a seasonally adjusted pace of 1.49 million units, down from 1.66 million units in September. Starts have plunged by more than a third, or 34.3%, since reaching a 13-month high of 2.3 million units last January.
New home sales fell by 3.2% to a level of 1.0 million, giving up most of the 3.7% increase recorded in September. New home sales have fallen by 25.4% since a recent high of 1.3 million units in October 2005.
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