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Housing Starts Down
Data just released by the U.S. Department of Housing and Urban Development show that privately owned housing starts in October were at a seasonally adjusted annual level of 1,603,000 units. This rate was about 11.4 percent below the revised September level. (Note that the data in the table below are not seasonally adjusted.)
The outlook for housing starts, and the market for mortgage loans are somewhat heartening. Building permits for single-family homes in October were at a seasonally adjusted annual rate of 1,763,000, a level that was 1.7 percent above the estimate for September 2002.
| New Privately Owned Housing Units Started in the U.S. (Thousands of units) |
|||||
|---|---|---|---|---|---|
| Year ending: | U.S. | Northeast | Midwest | South | West |
| Oct. 01 | 1,566 | 165 | 310 | 704 | 387 |
| Oct. 02 | 1,763 | 160 | 347 | 776 | 480 |
| Percentage change over period (%) | |||||
| Oct 01- Oct. 02 |
12.6 | -3.0 | 11.9 | 10.2 | 24.0 |
| Sept. 02- Oct. 02 |
1.7 | -9.4 | 0.9 | 3.5 | 3.9 |
Source: Joint release of U.S Department of Commerce and U.S. Department of Housing and Urban Affairs. Not seasonally adjusted.
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