Housing Starts Tank

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According to The Wall Street Journal, "Home construction took its third tumble in a row during September, falling to the lowest level in 17 years, and a sign points to further decline in the fourth quarter."

Housing starts decreased 6.3% to a seasonally adjusted 817,000 annual rate, after falling 8.1% in August to 872,000, the Commerce Department said.

Friday’s data on starts showed building permits decreased 8.3% to a 786,000 annual rate in September. Economists had expected permits down 2.0% to a rate of 840,000.

Douglas A. McIntyre