Much worse numbers for housing than I was expecting were announced today by the Census Bureau.
Housing starts, which had been up an encouraging 4.9% during the month of September, surrendered those gains and a great deal more with a 14.6% drop in October. That puts them down 27% from October 2005.
Building permits for privately-owned housing units continued their free fall, down 6.3% for the month and 28% year to year.
Not exactly the stabilization I’d called for.
I’ll be watching the home sales data coming out at the end of this month with renewed concern.